KB Financial cans incumbent chairman to tap deputy as new leader
KB Financial Group selected Vice Chairman Lee Jae-keun as its next chairman for a three-year term, surprising a market that had widely expected incumbent Chairman Yang Jong-hee to secure another term. Lee was selected over Yang and former Woori Bank CEO Kwon Kwang-seok. His appointment is due to be finalized at a shareholders meeting on Nov. 20, when Yang's current term expires. "The group…
KB Financial Group has announced the selection of Vice Chairman Lee Jae-keun as the new chairman, effective immediately. This decision comes as a shock to the market, which had anticipated incumbent Chairman Yang Jong-hee would remain in office. Lee was chosen over Yang and former Woori Bank CEO Kwon Kwang-seok. His appointment will be confirmed at a shareholders meeting scheduled for November 20, following the expiration of Yang's current term.
The group's recommendation committee announced the selection, citing a desire to spearhead a transformative shift and a generational change within the company. The committee conducted thorough interviews with each of the three shortlisted candidates, evaluating them on five key criteria: professional experience, leadership abilities, moral character, alignment with the company's vision and values, and commitment to sound management practices in the short and long term.
The leadership transition follows recent financial regulatory efforts to enhance corporate governance practices.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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