Who did KB Financial Group pick as its next chairman and when will the appointment be finalized?

KB Financial Group chose Vice Chairman Lee Jae-keun for a three-year term. The appointment is scheduled to be finalized at a shareholders meeting on Nov. 20, when Yang Jong-hee’s current term ends.

Why did KB Financial Group say it chose Lee Jae-keun over Yang Jong-hee?

The recommendation committee said Lee was selected to lead a bold transformation and generational shift. It also said the goal was to strengthen core competitiveness and secure new growth engines beyond the group’s current strong performance.

What governance changes affected KB Financial Group’s chairman selection process?

The process was shaped by financial authorities’ push for governance reform, including efforts to curb prolonged tenures and improve succession transparency. KB Financial said it started the selection more than a month earlier than in previous years and disclosed more throughout the process.

KB Financial cans incumbent chairman to tap deputy as new leader

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Summary

KB Financial Group selected Vice Chairman Lee Jae-keun as its next chairman for a three-year term in a surprise decision over incumbent Chairman Yang Jong-hee and former Woori Bank CEO Kwon Kwang-seok. His appointment will be finalized at a shareholders meeting on Nov. 20, when Yang’s current term expires. The committee said it chose Lee to drive a bold transformation and generational shift and to strengthen competitiveness and new growth engines. The process came amid regulatory pressure for more transparent succession procedures.

Key Facts

The chairman recommendation committee held two-hour interviews with the three shortlisted candidates on Friday before taking a final vote.
The candidates were assessed on five criteria: professional experience and expertise, leadership, morality, alignment with the group’s vision and values, and commitment to sound management over the short and long term.
Financial authorities are pursuing governance reforms aimed at curbing prolonged tenures among financial holding company chairmen and improving transparency in succession procedures.
KB Financial became the first Korean financial holding company to report more than 5 trillion won in annual net income in 2024, and it is on track to exceed 6 trillion won this year for the first time.
The committee said the succession process began more than a month earlier than in previous years to allow more time to inspect candidates and reduce disadvantages for outside contenders.

By Lee Yeon-woo

Published Sep 11, 2026 5:26 pm KST
Updated Sep 11, 2026 8:35 pm KST

Headquarters of KB Financial Group in Seoul / Courtesy of KB Financial Group

KB Financial Group selected Vice Chairman Lee Jae-keun as its next chairman for a three-year term, surprising a market that had widely expected incumbent Chairman Yang Jong-hee to secure another term.

Lee was selected over Yang and former Woori Bank CEO Kwon Kwang-seok. His appointment is due to be finalized at a shareholders meeting on Nov. 20, when Yang's current term expires.

KB Financial Group Vice Chairman Lee Jae-keun

"The group selected Lee to lead a bold transformation and generational shift as it seeks to strengthen its core competitiveness and secure new growth engines beyond its current strong performance," the group's chairman recommendation committee said in a statement.

At Friday's meeting, the committee conducted two-hour in-depth interviews with each of the three shortlisted candidates. They were assessed on five criteria: professional experience and expertise, leadership, morality, alignment with the group's vision and values, and commitment to sound management over the short and long term. The committee then held a final vote.

The leadership change comes as financial authorities pursue governance reforms aimed at curbing prolonged tenures among financial holding company chairmen and improving transparency in succession procedures. Although the measures have yet to be announced, the regulatory push had emerged as a key factor in the selection process.

In announcing Lee's selection, the committee stressed that the succession process began more than a month earlier than in previous years to allow more time to inspect candidates and minimize potential disadvantages for outside contenders. It also pointed to greater disclosure throughout the process, saying the changes were in line with regulators' push to improve the fairness and transparency of management succession.

The decision stands out after Hana Financial Group Chairman Ham Young-joo was reappointed last March, followed by the reappointments of Shinhan Financial Group Chairman Jin Ok-dong and Woori Financial Group Chairman Yim Jong-yong this March.

Yang had also been widely expected to secure reappointment, with strong earnings growth and a reduced reliance on banking seen as key strengths supporting his bid for another term.

KB Financial became the first Korean financial holding company to report more than 5 trillion won ($3.7 billion) in annual net income in 2024, a year after Yang took office. It is now on track to surpass 6 trillion won in net income this year for the first time.

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