[Securities Industry Tidbits]'Yeopung' Is a Thing of the Past—How Change Has Shaped Mirae Asset's Executive Lineup

(Seoul=Yonhap Infomax) Gyeong Eun Park—About 20 years ago, South Korea's securities industry was captivated by the term 'yeopung,' referring to the rise of women in finance. The appointment of the first female executive and research center head signaled the beginning of change in Yeouido, the nation's financial hub.

Of course, the reality remains that women are still rare at the C-level, indicating the glass ceiling has yet to be fully dismantled. However, the atmosphere has clearly shifted.

Today, 'yeopung' is no longer a buzzword simply because of gender. In line with the financial investment sector's long-standing principle of merit-based evaluation and compensation, many female employees have held and maintained key positions. There is no longer a need to emphasize gender or make special distinctions. These professionals are recognized for their performance and have established themselves through their expertise.

Such change did not occur spontaneously. Shifting the course of an organization always begins with someone's choice and determination. For meritocracy to be realized in practice, the organization's ongoing commitment to designing and driving such systems is crucial.

Mirae Asset, a leading South Korean financial group, has consistently embodied this trend within the domestic financial investment industry. Unlike one-off events, Mirae Asset has achieved structural change, making it a noteworthy case.

In 2006, Mirae Asset appointed its first female executive in her 30s. At the time, she was dubbed one of the 'Big Three' alongside the head of private banking at Korea Investment & Securities and the legal team leader at Samsung Securities.

Even during the 2016 merger between Mirae Asset Securities and Daewoo Securities—which expanded the workforce to 5,000—the trend continued and even strengthened.

Chairman Park Hyeon-joo pledged to apply a merit-based HR system to Daewoo Securities and outlined plans to promote female executives. The first round of executive appointments at Mirae Asset Daewoo saw a significant number of female branch managers elevated to executive roles. Six women were promoted, bringing the total number of female executives to nine, including the company's first-ever female managing director.

The following year, Yoon Ja-kyung was appointed co-CEO of Mirae Asset Capital, marking the first time a woman led a core affiliate. At the time, industry observers noted that the "glass ceiling had been broken."

In the early 2020s, generational change created opportunities for new leaders. In 2021, Mirae Asset Securities introduced an open competition for branch manager positions, a bold move in the industry. Around 60 employees applied, with 15 selected as new branch managers. Of these, six were women, including the youngest-ever branch manager, born in 1984.

In recent years, Mirae Asset has consistently highlighted the cultivation of female leaders and the expansion of female executives as core HR priorities. This direction is emphasized in every annual personnel announcement.

This trend continued in the latest round of appointments. Mirae Asset Securities now has four female executive vice presidents. Choi Sun-min, head of Product Trading, was promoted to executive vice president in this cycle. She joins Han Hyun-hee, head of Global Business; Noh Jeong-sook, head of Operations; and Nam Mi-ok, executive vice president of Yeouido WM, as part of the leadership team.

The results of these long-term changes are clear. A robust pipeline of female leadership now extends naturally from executive vice president to managing director and director levels.

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