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

Friday’s announcement comes on the heels of a massive reshuffle in the leadership of Mirae Asset Financial Group earlier on Monday when Kim, the former president of Mirae Asset Securities, was promoted to the position of the company's vice chairman.

Kim’s appointment as the CEO comes as he is the only registered board member of Mirae Asset Securities, the firm explained.

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 Her Sun-ho and President Jeon Kyung-nam as registered directors, the company added.

The firm will further name its second CEO among Her and Jeon, to lead the company alongside Kim.

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