KB Bank CEO to quit before tenure is up

By Kang Seung-woo

Staff reporter

Kookmin Bank CEO Kang Chung-won said Tuesday he plans to resign on July 13, when the bank's shareholders meet and is expected to confirm Euh Yoon-dae as chairman of KB Financial, the bank's holding firm.

According to KB Bank officials, Kang told the bank's executives in a meeting that he would serve as CEO until the date for the shareholders' meeting. Kang's tenure is to expire in October.

They said that Kang already conveyed to Euh and KB Finance's board of directors his intention to step down in mid-June after Euh was nominated.

"I want you to do your best to develop and stabilize the bank," Kang was quoted as telling the executives. "The bank needs to focus on fiscal soundness."

Kang's expression to quit appears aimed at allowing Euh to reorganize KB without a hitch.

The 59-year-old, who also served as vice chairman at KB Financial, was nominated for the top job at KB Financial in December 2009 but decided to drop his bid before being confirmed at a shareholders' meeting.

Kang was also under investigation twice with the outcome of the second probe yet to be announced. The first probe failed to turn up any significant wrongdoings.

Kang was pursuing his holding firm's top position after it was vacated after Hwang Young-key was forced to resign in September.