Mirae Asset names first non-family chairman

Mirae Asset Securities said Monday that executive vice chairman Choi Hyun-man will take over the brokerage firm as chairman in what will be the company’s first move to tap a non-family member chief since it became the largest South Korean brokerage in 2016 when it merged with Daewoo Securities.

Choi, a founding member of Mirae Asset Securities when it was set up in 1999, has been CEO at a number of key affiliates of Mirae Asset Financial Group, which along with brokerage provides comprehensive financial services including asset management, investment banking and life insurance.

Choi, 60, successfully handled the 2016 merger and had since attracted new clients, making the brokerage the first Korean firm to oversee 400 trillion won ($338 billion), according to officials at Mirae Asset Securities.

“The appointment is meant to foster a more flexible corporate culture led by leaders outside the family members,” one official said. Korean companies are often accused of endorsing what is often described a culture of rigid, top-down management where founding family members are guaranteed the final say.

By Choi Si-young (siyoungchoi@heraldcorp.com)