Lee Yeon-woo is a financial journalist at The Korea Times. Her wide range of reporting includes policies, macroeconomics, stock market, companies and even crypto. She is passionate about connecting the dots in Korean finance and making it easier for foreign nationals to understand. Based on her previous experience as a national reporter, she also has a keen interest in social issues within the sector, including gender equality and ESG. Your tips and insights are always appreciated. You can send them to yanu@koreatimes.co.kr.
KB to announce shortlist for chairman next month
From left, KB Financial Group Vice Chairman Hur Yin, Vice Chairman Yang Jong-hee, Vice Chairman Lee Dong-cheol and Park Jeong-rim, head of capital markets, corporate and investment banking and asset management / Courtesy of KB Financial Group
By Lee Yeon-woo
By Lee Yeon-woo
KB Financial Group is accelerating its succession process as the current chairman's term is set to expire this November. The planned timeline involves convening an executive recommendation committee next month, narrowing down a shortlist and selecting the final candidates in September.
As per the group's internal regulation, when a transition of leadership becomes necessary, such as when a chairman's term ends, the process should be initiated at least two months in advance. The term of the current chairman, Yoon Jong-kyoo, is scheduled to end on Nov. 20.
Traditionally, the recommendation committee selects a shortlist from a longlist of about 10 individuals, a list which is updated every six months. The internal candidate pool is made up of key executives within the group, while the external candidate pool comprises nominees recommended by external institutions acknowledged by the committee.
Market watchers consider three vice chairmen of the group and one head of the business unit to be the frontrunners in the race.
KB Financial Group Chairman Yoon Jong-kyoo / Courtesy of KB Financial Group
One of them is Vice Chairman Hur Yin, who oversees the group's global business and insurance business unit. His tenure as CEO of KB Kookmin Bank from 2017 to 2021 is regarded highly, as he enhanced the bank's digital competitiveness, helping it achieve a leading position.
KB Financial Group headquarters in Seoul / Korea Times file
Vice Chairman Yang Jong-hee, responsible for retail customer relations, pensions and small and medium enterprises business, is another notable candidate. He guided KB Insurance to become one of the group's key affiliates during his term between 2016 and 2020. He was the first to be promoted to vice chairman in 2021.
Vice Chairman Lee Dong-cheol, the former CEO of KB Kookmin Card, is also a strong contender given his diverse experience within the group and its affiliates. He currently oversees the group's digital and IT businesses.
The sole female candidate is Park Jeong-rim, who currently heads capital markets, corporate and investment banking and asset management. Her stable management capability was especially highlighted amid the financial uncertainty triggered by key rate hikes and stock market doldrums.
Several external figures, including those from previous governments, are said to be under consideration, but no names have been disclosed yet. One or two external figures are expected to make it onto the shortlist as well.
An official from the group informed The Korea Times that to ensure the transparency of the process, the details of which and how many candidates are on the longlist will not be disclosed.