Mirae Asset Financial Group announced a massive reshuffle at the executive level on Monday, signaling a generational shift in leadership as its founding members are to step down.

Mirae Asset Securities CEO and Chairman Choi Hyun-man, the group’s No. 2 man, will leave the firm 26 years after he co-founded the group together with Group Chairman Park Hyeon-joo back in 1997. Having served top posts at key affiliates, Choi was named the chairman of the brokerage firm in December 2021.

Along with Choi, other founding members Cho Woong-gi, vice chairman at Mirae Asset Securities, and Choi Kyeong-joo, vice chairman of Mirae Asset Global Investments, are also set to leave the group.

“The biggest concern since founding the firm 26 years ago is a generational shift. Putting back human worries and regrets, a new professional management system will take off, preparing for the next 10 years and more,” Park said.

“I pay my respect to the devotion of the founding members who are stepping down from their posts, cherishing my time with them, which was backed by humane trust.”

According to the group, the three executives will step away from managing the day-to-day business, but will serve as advisers to contribute to the group’s sustainable growth. New registered board members will be decided soon to be approved by shareholders.

In Monday’s reshuffle, six executives were promoted to vice chairman, including three Mirae Asset Securities Presidents Kim Mi-sub, Her Sun-ho and Lee Jung-ho, Mirae Asset Global Investments President Lee Jun-yong, Swarup Mohanty, head of the investment firm’s Indian branch, and Mirae Asset Life Insurance’s President Kim Jae-sik. The appointments are to be approved at a shareholders meeting.