Ex-officials to run for KB job

By Kang Seung-woo

Staff reporter

The selection process for the new head of KB Financial Group has been thrown wide open after the candidate recommendation committee hinted that former government officials may be considered for the top post.

``We have not discussed any special categories regarding the professional background of the candidates, but our basic principle is that a past career should not be a hurdle for the chairmanship,'' Lim Suk-sig, chairman of the committee of nine outside directors, told The Korea Times.

His remark is taken as a sign that the committee could possibly select a former bureaucrat as the new KB chairman if he or she demonstrates the capability to lead the nation's largest financial group.

The committee's stance came as a surprise to the market as the government has expressed its intention not to parachute a former government official into the position. In February, Strategy and Finance Minister Yoon Jeung-hyun said that former bureaucrats would not take the helm because it would lead to misunderstandings.

The committee established several criteria in the selection of the company president ― leadership, a global mind and extensive experience, financial expertise, decision-making ability, efficient communication and personality.

Lim also said that three outside personnel search organizations would monitor all of the suitable candidates regardless of their former careers and create a pool of candidates to bring transparency to the process.

The committee will short-list candidates for interviews by May 20 and finalize its choice sometime in mid-June.

If the finalist gains final approval at a shareholders' meeting, he will be inaugurated for a three-year term.

Kookmin Bank CEO Kang Chung-won was nominated as group leader, but withdrew his nomination under pressure from regulators last December.

Thus far, Euh Yoon-dae, chairman of the Presidential Council on Nation Branding, is seen as one of the leading candidates. The 64-year-old was also in contention for the governor of the Bank of Korea (BOK).

However, given that he is a close aide to President Lee Myung-bak, his appointment might create another ``government trying to control finance'' controversy that the government faced after Kang's withdrawal.

Lee Chul-hwi, CEO of the Korea Asset Management Corp (KAMC) and Kim Byung-ki, former CEO of the Samsung Economic Research Institute (SERI), who both pulled out while racing against Kang last year, are reportedly still interested in the position.

Along with them, former vice finance minister Kim Seok-dong, Korea Development Bank CEO Min Euoo-sung, BC Card CEO Chang Hyung-duk and former chairman of the Financial Services Commission Jun Kwang-woo are also in the candidate pool.