Anna Jiwon Park has been covering the politics at The Korea Times since the summer of 2024, when she joined the press pool for the Office of the President in Korea. Prior to that, she spent about five years reporting extensively on financial markets, regulatory authorities and the financial industry. She joined The Korea Times in 2019 after spending eight years as a broadcast journalist at Arirang TV, Korea’s leading global broadcaster, covering politics, defense and culture.
KB Financial's new chair conducts first leadership reshuffle of subsidiary heads
KB Securities CEO candidate Lee Hong-ku / Courtesy of KB Securities
By Anna J. Park
KB Financial Group's CEO recommendation committee announced leadership changes in six of its subsidiaries on Thursday. Out of the eight CEOs of the financial group's affiliates whose terms expire at the end of the year, six are to be replaced through personnel reshuffles.
These will be the first major personnel changes made since Chairman Yang Jong-hee took the helm of the financial giant three weeks ago, ending the nine-year rule by his predecessor, Yoon Jong-kyoo.
According to the recommendation committee, Lee Hong-ku, the incumbent chief of KB Securities' wealth management sales division, is to take over Park Jeong-rim's position as the co-CEO of KB Securities.
Kim Sung-hyun, the other co-CEO at the group's securities arm, whose responsibilities are focused on investment banking, is to maintain his position for one more year, after his current term ends this month.
From top left clockwise, KB Securities CEO candidate Lee Hong-ku, KB Insurance CEO candidate Koo Bon-wook, KB Asset Management CEO candidate Kim Young-sung, KB Savings Bank Seo Hye-ja, KB Real Estate CEO candidate Sung Chai-hyun and KB Capital CEO candidate Bin Jung-ill / Courtesy of KB Financial Group
As to the chief of KB Insurance, Koo Bon-wook, the incumbent executive director leading the non-life insurance company's risk management division, is recommended to take over from current CEO Kim Ki-hwan.
KB Asset Management CEO candidate Kim Young-sung, currently the executive director of the firm's pension division, was acknowledged for his role in significantly expanding the asset management company's market share in the pension and target date fund (TDF).
The group's CEO recommendation committee highlighted that the candidates for the subsidiaries' top official positions were chosen based on their expertise, while simultaneously aiming to establish a predictable management succession structure centered on internal figures and the competitiveness of affiliated companies.
In the cases of KB Kookmin Card and KB Investment, the current CEOs — Lee Chang-kwon and Kim Jong-pil — are to keep their positions for a further term.
New chief of Hana Life Insurance
Hana Life CEO candidate Namgoong Won
Hana Financial Group said on the same day that it has recommended Namgoong Won as CEO for Hana Life.
The term extensions of current Hana Savings Bank CEO Jeong Min-sik and Hana Capital CEO Park Seung-oh were recommended.
Hana Financial’s executive candidate recommendation committee held a meeting and recommended candidates to lead the group’s key subsidiaries.
The committee said the candidates will fortify stability of the organization through sales-oriented back-to-the-basics sustainable growth strategies to navigate years of heightened uncertainty from the COVID-19 pandemic.
Namgoong, the current vice president of Hana Bank’s money market group, was born in 1967 and graduated from Seoul National University with a bachelor’s degree in economics.
In 1991, he joined the Korea Exchange Bank, which later merged with Hana Bank.
His expertise includes money market business group management, management strategy and planning, financial planning and fund management.
Hana Financial said Namgoong will boost profits, and enhance financial soundness and risk management of the insurance arm of the group.
He faces a tall task of turning a profit in the wake of the implementation of IFRS 17 that will raise requirements for transparent reporting about a company’s financial position and risk.
Candidates will be finalized after meetings of the committee, board of directors and shareholders are held.