Mirae Asset Securities, Korea’s largest investment bank and securities firm, said Wednesday that it has appointed Vice Chairman Heo Sun-ho as CEO. He will lead the company’s sprawling business together with Vice Chairman Kim Mi-seob, whose appointment was confirmed earlier in October.

With Heo’s appointment, which was approved at a board of directors meeting earlier on the day, the company has completed a generational shift in its long-held dual leadership system.

Heo will continue to lead the wealth management business division together with digital innovation, while Kim will be tasked with expanding the company’s global presence, the company said.

Kim, former CEO of Mirae Asset Global Investments, the asset management unit of Mirae Asset Financial Group, played a key role in laying the groundwork for its first overseas unit in Hong Kong in 2003 and then oversaw global operations of Mirae Asset Securities in recent years.

“The two new CEOs have a high level of understanding of the financial investment industry through experience in the overall financial investment industry, including global, investment banking, asset management, human resources and planning, and have a global management mindset,” the firm said in a statement.

The two CEOs’ terms will end in March 2025.