KB Financial Group has appointed Lee Jae-geun as the next chairman. This decision comes as a surprise, breaking expectations that incumbent chairman Yang Jong-hee would easily secure re-election, marking Lee's rise to the top of the group after 33 years with KB Kookmin Bank.
The chairman candidate recommendation committee announced on September 11 that it had selected Lee as the final candidate for the upcoming chairman position.
Previously, the committee had narrowed down a shortlist on August 27 that included Lee, former Woori Bank CEO Kwon Kwang-seok, and Yang Jong-hee. After conducting in-depth interviews lasting two hours each with the three candidates, the committee held a final vote, resulting in Lee being chosen as the final candidate.
The committee evaluated candidates based on five criteria: work experience and expertise, leadership, ethics, alignment with KB Financial Group's vision and values, and efforts for sound management in both the short and long term, using 25 detailed standards.
Lee will undergo a qualification review in accordance with relevant laws and is expected to be appointed as the CEO chairman at a special shareholders' meeting scheduled for November 20.
A graduate of Seoul High School, Lee began his career in finance in 1993 at Housing Bank. He served as the head of the secretariat at KB Financial Group in 2013 and became the executive director of financial planning in 2017. He played a key role in expanding the non-banking portfolio through acquisitions of LIG Insurance, Hyundai Securities, and Woori Financial.
After transitioning to banking, he held positions as the head of management planning and the sales group. Since 2022, he has served as the president of Kookmin Bank, where he has been recognized for his exceptional management skills, leading the bank to record profits in 2025.
Cho Hwa-jun, chairman of the recommendation committee, explained the rationale for selecting Lee, stating, "At this point, we need bold changes and a generational shift to enhance the group's fundamental competitiveness and secure future growth drivers." He added, "Lee possesses the capability to lead KB Financial's future and sustainable growth amid the restructuring of the financial industry and the onset of money movement, along with expertise across both banking and non-banking sectors, as well as insights into finance, strategy, and global operations."
The chairman candidate recommendation committee announced on September 11 that it had selected Lee as the final candidate for the upcoming chairman position.
Previously, the committee had narrowed down a shortlist on August 27 that included Lee, former Woori Bank CEO Kwon Kwang-seok, and Yang Jong-hee. After conducting in-depth interviews lasting two hours each with the three candidates, the committee held a final vote, resulting in Lee being chosen as the final candidate.
The committee evaluated candidates based on five criteria: work experience and expertise, leadership, ethics, alignment with KB Financial Group's vision and values, and efforts for sound management in both the short and long term, using 25 detailed standards.
Lee will undergo a qualification review in accordance with relevant laws and is expected to be appointed as the CEO chairman at a special shareholders' meeting scheduled for November 20.
A graduate of Seoul High School, Lee began his career in finance in 1993 at Housing Bank. He served as the head of the secretariat at KB Financial Group in 2013 and became the executive director of financial planning in 2017. He played a key role in expanding the non-banking portfolio through acquisitions of LIG Insurance, Hyundai Securities, and Woori Financial.
After transitioning to banking, he held positions as the head of management planning and the sales group. Since 2022, he has served as the president of Kookmin Bank, where he has been recognized for his exceptional management skills, leading the bank to record profits in 2025.
Cho Hwa-jun, chairman of the recommendation committee, explained the rationale for selecting Lee, stating, "At this point, we need bold changes and a generational shift to enhance the group's fundamental competitiveness and secure future growth drivers." He added, "Lee possesses the capability to lead KB Financial's future and sustainable growth amid the restructuring of the financial industry and the onset of money movement, along with expertise across both banking and non-banking sectors, as well as insights into finance, strategy, and global operations."
* This article has been translated by AI.
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