KB head adopts pragmatic management

KB Financial Group chairman Yoon Jong-kyoo helps pack a gift box for the elderly as part of the group’s winter charity activities at its headquarters in Yeouido, Seoul, on Dec. 11. / Courtesy of KB Financial Group

By Chung Ah-young

KB Financial Group Chairman and Kookmin Bank CEO Yoon Jong-kyoo is taking practical and effective management approaches to sharpen the group’s competitiveness.

Since he was inaugurated in November, Yoon has stressed that employees should simplify bureaucratic business procedures in order to enhance effectiveness.

Rather than using set formats, he requested employees to make reporting procedures simpler and faster.

His working style is seen as an attempt to get the company back on track as soon as possible as the leadership position has been vacant for a while. Also, as he is the group chairman and banking unit president, he wants a more-effective management style.

“I want to change the current working practices and ways,” he said in his inauguration speech on Nov. 21. “Let’s reduce unnecessary reports and meetings and build a new practical and effective working culture.”

The nation’s financial regulator has approved KB Financial Group’s acquisition of LIG Insurance. Its decision came after KB Financial, led by Yoon, came up with acceptable governance structure reform measures on Dec. 18.

He recently said he would improve business reports and meeting practices to save time and labor.

Yoon said unnecessary reports should be cut and complicated documents should be replaced with simpler, faster ones.

Also, rather than formal meetings, open discussions and feedback are encouraged. Meeting procedures should be improved through sharing agenda issues beforehand so participants can conduct effective discussions.

After the meetings and reports, employees are supposed to submit informal feedback.

Asked what kind of style he would pursue, Yoon said KB was more important than style.

His remarks reflect his determination to turn KB Financial into a competitive group.

His pragmatic approach is expected to help KB restore its competitiveness as the nation’s leading bank and overcome the difficult financial environment.

Yoon began his banking career at the Korea Exchange Bank in 1973. He worked for consulting firm Samil PricewaterhouseCoopers for more than two decades through 2002. He also worked for KB for seven years until 2013.

He studied business administration at Sungkyunkwan University.