Who will become KB's next chairman?

From left are three vice chairmen of KB Financial Group ― Yang Jong-hee, Hur Yin and Lee Dong-cheol. Yonhap

Shinhan recommends first female CEO for IT affiliate

By Lee Min-hyung

KB Financial Group promoted the CEOs of two key affiliates to vice chairmen and the focus now is on who will become the lender's next leader after incumbent Chairman Yoon Jong-kyoo's term ends in late 2023.

In a yearend reshuffle of the top brass, the nation's largest financial holding firm promoted KB Kookmin Bank CEO Hur Yin and KB Kookmin Card CEO Lee Dong-cheol to group vice chairmen. Former KB Insurance CEO Yang Jong-hee secured the No. 2 spot in the group last year.

Yang, Hur and Lee are expected to compete fiercely over the next two years for the chairmanship of KB Financial.

Details of their assigned tasks have not yet been revealed, however, each of them could navigate specific sets of group-wide strategies by utilizing their expertise.

Hur, who led the banking arm of the group for the past four years, has ample experience in the digital sector. One of his major achievements was KB Kookmin Bank's digital transformation. He is well-recognized for his leadership in overhauling the lender's mobile banking platform. Hur also succeeded in driving earnings growth, allowing the bank to regain the title as the nation's largest lender after surpassing Shinhan in terms of net profit.

Yang is currently in charge of the group's insurance and global businesses. He has continued to push for KB's group-wide expansion outside Korea by focusing on the burgeoning Southeast Asian market.

Lee will work on setting up the group's overall business strategies, as he is considered to be one of the most experienced figures in handling major M&A deals within the group. He is also renowned for his stable management skills, achieving major earnings growth at the card affiliate over the past four years.

Arch rival Shinhan Financial Group also conducted a major reshuffle of top management. Of note was its decision to recommend its first-ever female CEO.

Starting from next year, Shinhan Bank Executive Vice President Cho Kyoung-sun will start her tenure as the leader of Shinhan DS, a financial IT service arm of the group. Shinhan also decided to change six leaders ― including Cho ― from among its 10 affiliates during the year-end reshuffle.