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| KB Financial Group Chairman nominee Yang Jong-hee speaks during a meeting of financial groups in downtown Seoul, March 31. Newsis |
By Lee Yeon-woo
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| Headquarters of KB Financial Group in Seoul / Courtesy of KB Financial Group |
KB Financial Group announced Friday that it selected Yang Jong-hee, the group's vice chairman, as the final candidate to become the next chairman. His professionalism in both banking and non-banking industries was highly regarded.
The group said the decision was made by an internal recommendation committee, which interviewed three shortlisted candidates. The other candidates were Hur Yin, also a vice chairman of the group, and Vietnam's HD Bank Chairman Kim Byoung-ho.
The committee reported that it evaluated candidates based on strict standards, including the their business experience and professionalism, leadership abilities, moral integrity, alignment with the group's vision and values, and commitment to maintaining financial stability.
Following the announcement, Yang's eligibility requirements will be assessed and his nomination will be officially presented to the board of directors. He is anticipated to assume leadership of the group at an extraordinary shareholders' meeting in November.
Yang has expertise in strategy and financial affairs. He dedicated 20 years of his career to various branches and finance-related departments at KB Kookmin Bank before transitioning to the group. As an executive overseeing the group's strategy, Yang played a pivotal role in the successful acquisition of KB Insurance. Subsequently, he led the insurance company for five years starting in 2016. His leadership is credited with bolstering the group's non-banking business sector.
After being appointed as the group's vice chairman in 2021, Yang managed a diverse portfolio that included global business, retail customer relations, pension, and small and medium enterprise business.
"Yang not only demonstrates outstanding professionalism in both banking and non-banking industries based on his roles as an executive in the group, the bank, and the affiliates, but he also possesses deep insights into digitalization, global business, and ESG management," said Kim Kyung-ho, the head of the recommendation committee.
"The committee evaluated that Yang is more than capable of becoming the leader of the group, given his outstanding performance and management skills while serving as CEO of KB Insurance and vice-chairman of the group," Kim added.
"Through effective communication and empathy, coupled with exemplary leadership, Yang's unique strategy and value management vision for KB's future have been highly commended. This includes his strong determination for execution and profound management philosophy," Kim added.
Yang expressed his gratitude for the opportunity, along with a deep sense of responsibility as the final candidate. "I will strive to establish KB Financial Group as the benchmark in the financial industry, earning respect from both the market and society."
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