Mirae announces reshuffle, emphasizes governance

From left: Cho Woong-gi, Choi Kyeong-joo

Mirae Asset Financial announced a reshuffle on Friday promoting executive-level personnel.

Cho Woong-gi, co-CEO of Mirae Asset Daewoo, and Choi Kyeong-joo, CEO of Mirae Asset Global Investments, were both promoted to the position of vice chairman.

The vice chairman post is right below the rank of senior vice chairman. Choi Hyun-man, co-CEO of the group’s Mirae Asset Daewoo brokerage unit, doubles as senior vice chairman. The group explained that the latest changes are aimed at improving competitiveness.

“The appointments are to ensure the independence of each affiliate’s management and to develop into a global financial group through the expertise of leadership,” said a source at the group.

In addition to the vice chairmanship promotions, a number of executives advanced to president.

Kim Sang-tae, vice president at Mirae Asset Daewoo who oversees the investment banking business, was promoted to president, while Kim Mi-seob of Mirae Asset Global Investments attained the same position. Rhee Jung-ho, CEO of Mirae Asset Global Investments’ Hong Kong branch, will be given more responsibility and oversee the management of the company’s Asia-Pacific businesses.

The group said that Rhee will be establishing a corporate governance system for the company’s branches in the region. The decision came as Mirae’s foreign branches recently reported sharp increases in net profit.

By Park Eun-jee