DB Group Opens Era of Second-Generation Management... Appointment of Chairman Kim Nam-ho

Namho Kim, New Chairman of DB Group

[Asia Economy Reporter Ki-min Lee] Nam-ho Kim, Vice President of DB Financial Research Institute and eldest son of DB Group founder and former chairman Jun-ki Kim, has been appointed as the group chairman.

On the 1st, DB Group announced, "Chairman Geun-young Lee, who has served as the group chairman, has stepped down, and Vice President Nam-ho Kim of DB Financial Research Institute has been appointed as the new group chairman, with an inauguration ceremony held." Chairman Kim is also expected to take on the role of chairman of the board of DB Inc., the de facto holding company of the group's manufacturing and service sectors, following the regular shareholders' meeting early next year.

In his inaugural speech, Chairman Kim said, "I feel a heavy sense of responsibility and mission as I take on this role amid the domestic and international economic crisis," adding, "I will devote all efforts to making DB a 'sustainably growing company' capable of overcoming any environmental changes."

Chairman Kim also urged the management and employees of each company to "strengthen digital convergence and ontact (online face-to-face) business capabilities in all areas including product planning, production, sales, and customer service in preparation for the post-COVID-19 era."

Chairman Kim is the largest shareholder of DB Insurance (9.01%) and DB Inc. (16.83%). DB Insurance controls DB Life, DB Financial Investment, DB Capital, among others, while DB Inc. controls DB HiTek and DB Metal, among others.

With Chairman Kim's inauguration, DB Group has transitioned from the founder era of former chairman Jun-ki Kim, who led the group for nearly 50 years since its founding, to the second-generation management era.

This transition to the Nam-ho Kim chairman system was considered a somewhat anticipated step. Since the early 2000s, Chairman Kim had secured the largest shareholder status in key affiliates at the top of the group's governance structure, and after former chairman Jun-ki Kim's retirement, he assisted Chairman Geun-young Lee and prepared to lead the group's management.

The direct trigger for Nam-ho Kim's appointment was Chairman Geun-young Lee's retirement. Lee, who took office in September 2017 following former chairman Jun-ki Kim's retirement, was recognized for stabilizing group management in a short period. However, due to increasing physical burdens from old age, it is known that Lee expressed his intention to step down several times.

Founded by former chairman Jun-ki Kim in 1969, DB Group entered the Middle Eastern construction market in the early 1970s and achieved great success. It then invested in key national industries such as steel, materials, agriculture, logistics, and finance, laying the foundation for group growth. By 2000, 30 years after its founding, it had grown into one of the top 10 conglomerates. However, after undergoing restructuring in the mid-2010s, it reorganized its business around insurance, securities, credit finance, semiconductors, and IT. As of the end of last year, its asset size including the financial sector was 66 trillion KRW, with sales of 21 trillion KRW.

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