JB Financial Chairman Kim Ki-hong secures third term

Kim Ki-hong, chairman of JB Financial Group / Courtesy of JB Financial Group

JB Financial Group Chairman Kim Ki-hong has successfully secured a third term.

The firm’s board of directors announced on Thursday that Kim was selected as the final candidate for the next term during an executive candidate recommendation committee meeting the previous day.

The committee, comprised of all other directors excluding Kim, first finalized a candidate pool consisting of internal executives and external figures, and then conducted a two-step narrowing process to select the final candidate.

On Oct. 23, the final candidate pool was narrowed down to four candidates, including Kim and other internal and external nominees, followed by a presentation and in-depth interviews on Nov. 13.

During the presentation and interviews, the candidates’ vision and strategy for the company, their expertise, leadership and sense of social responsibility were thoroughly evaluated.

After careful consideration, the committee members unanimously agreed that Kim was the most suitable candidate for the next term.

“Chairman Kim has presented a differentiated vision and strategy for JB Financial’s future growth, including the enhancement of the current business structure and collaboration with fintech and platform companies,” Yoo Kwan-woo, the board chairman who also heads the committee, said.

“Based on his deep understanding of JB Financial, all committee members agreed that he is the optimal candidate to lead the group over the next three years, maintaining its current growth momentum and capitalizing on high-potential niche markets.”

Kim has experience in both the public and private financial sectors, including roles as deputy governor of the Financial Supervisory Service and senior deputy president of KB Kookmin Bank.

Under his leadership, JB Financial’s net profit, which was just 241.5 billion won ($172 million) in 2018 before his appointment, surged by 148.9 percent to 601 billion won in 2022.

This year, the net profit is expected to reach a record high of 655 billion won.

Kim is expected to be officially reappointed as the CEO and chairman after the regular shareholders’ meeting and board meeting in March next year.