Mirae Asset Securities, Korea's investment bank and securities firm, announced that its Vice Chairman Kim Mi-seob has been appointed as its new CEO.

The announcement made Friday came after Mirae Asset Financial Group conducted a massive reshuffle in its leadership on Oct. 23. Kim, the former president of Mirae Asset Securities, was promoted to the position of the company's vice chairman.

Having joined Mirae Asset Financial Group in 1998, Kim has contributed to the overseas expansion of the financial giant, working side-by-side with the group’s founder and Chairman Park Hyeon-joo.

In particular, he played a key role in laying the groundwork for the establishment of Mirae Asset Global Investments’ Hong Kong affiliate, the first overseas unit of the firm in 2003, the firm said.

He held top posts at the foreign units of Mirae Asset Global Investments in countries including Singapore, Brazil and the UK. After returning to South Korea, he served as the CEO of Mirae Asset Global Investments and president of Mirae Asset Securities, overseeing the brokerage house’s global business operations.

Along with the appointment, Mirae Asset Securities has also recommended Vice Chairman Heo Sun-ho and President Jeon Kyung-nam as inside directors, the company added.

Among Heo and Jeon, one of them will be named as a co-CEO to lead the company alongside Kim.

The appointments will be finalized through a shareholders meeting slated to take place Dec. 7, Mirae Asset Securities stated.