Mirae Asset Group has become the first Korean investment finance company to introduce a system of being chairman-cum professional manager.
Executive Vice Chairman Choi Hyun-man, a colleague and a confidant of Mirae Asset founder Park Hyun-joo, has been promoted to chairman in the latest reshuffle. Choi’s promotion to chairman may be construed as Mirae Asset founder Park’s determination to ramp up each subsidiary’s independent and responsibility management.
Earlier, Mirae Asset Group conducted a reshuffle, making a generational shift to place CEOs in their 50s at the forefront of management, and promoting executives born in the 1970s.
President and CEO Choi Chang-hoon was promoted to vice chairman and appointed to be the new CEO of Mirae Asset Management. President and CEO Kim Eung-seok of Mirae Asset Venture Investment was promoted to vice chairman.
Executive Vice Chairman’s promotion to chairman is the latest reshuffle. Mirae Asset Group founder Park is out to boost organizational dynamics by signalizing that any capable CEO may become a chairman-cum professional manager.
“When Mirae Asset Group Chairman Park took office as chairman in May 2016, he had stressed a shift into a professional manager system by saying that he would usher an era of professional manager,” said a group official, adding that Executive Vice Chairman Choi’s promotion to chairman is in the context of the financial group’s trends.
Employees should be given trust that if they work hard, they can become chairman someday, and its organization can evolve on a sound footing. Also, Korean capitalism can be honored, the group official said.
Executive Vice Chairman Choi’s promotion to chairman will be “a salaryman’s legend,” an example of challenging younger generation employees to follow suit.
Founder Park revealed his objection to 2nd generation heir management succession, saying his offspring would play the part of shareholders, and would not participate in management.
Financial business sources said new Chairman Choi is expected to oversee the management of Mirae Asset Securities, while Mirae Asset founder and Global Investment Strategy Officer Park Hyun-joo is predicted to concentrate on conducting overseas M&As.
New Chairman Choi is a co-founder and a confidant of Mirae Asset founder Park. The two persons’ connection dates back to 35 years ago.
Founder Park, who worked as deputy general manager of a department of Dongwon Securities, kept an eye on new Chairman Choi who worked hard and had abundant ideas. The two quit their company to found Mirae Asset in 1997.
New Chmn. Choi, born in 1961, graduated from Chonnam National University Department of Political Science and Diplomacy. He entered Dongwon Securities before he participated as one of the founding members of Mirae Asset Securities.
He held major positions, such as CEOs of Mirae Asset Group’s major subsidiaries, including Mirae Asset Securities, Mirae Asset Management and Mirae Asset Life Insurance, catapulting Mirae Asset Group to a financial group with 17 trillion won in equity capital.
The latest reshuffle is forecasted to accelerate the shift to the chairman-cum professional manager system by Mirae Asset Securities, as well as major subsidiaries of the business group.
The step is designed to help Mirae Asset take on global investment banks by promoting responsible management focusing on customers and shareholders’ values and coping with global business environment changes in a nimble and flexible fashion, the financial group said.
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