DB Group Appoints Chairman Namho Kim... The Era of Second-Generation Management Begins (Comprehensive)

Eldest Son of Former Chairman Kim Jun-gi
"Feeling Deep Responsibility in Crisis"
New Management Generation Change Expected

Namho Kim, Chairman of DB Group

[Asia Economy Reporters Oh Hyung-gil and Lee Ki-min] DB Group has entered the full-fledged era of 'second-generation management.' Kim Nam-ho, vice president of DB Financial Research Institute and eldest son of the founder and former chairman Kim Jun-gi, has taken over the group, marking the beginning of the Kim Nam-ho administration.

On the 1st, DB Group announced the appointment of Vice President Kim Nam-ho as the new group chairman. Chairman Kim is also expected to take the position of chairman of the board of directors 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 stated his management goal: "My dream as a manager is to make DB a sustainably growing company that overcomes any environmental changes." He added, "The main reason I accepted the chairmanship is because I felt a strong sense of responsibility to lead on behalf of the shareholders and overcome this crisis."

Chairman Kim also predicted that DB Group will undergo many changes in line with the times. He emphasized, "Change is a consistent process to become a sustainably growing company and an unavoidable challenge."

He further urged the management and executives of affiliated companies 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." It is expected that rapid generational change will take place centered on the new management team supporting Chairman Kim, moving from the founder's era.

Born in 1975, Chairman Kim majored in Business Administration at Westminster College in Missouri, USA, graduating in 1999. From 2002, he worked for three years at AT Kearney, a foreign management consulting firm.

He later earned an MBA from the University of Washington Graduate School in Seattle in 2007 and completed a finance course at UC Berkeley.

Joining the group in January 2009, he played a decisive role in resolving the liquidity crisis of DB Inc. during the mid-2010s group restructuring process, leveraging his expertise in finance and his network with domestic and international investment finance professionals. He was involved in the sale of Dongbu Farm Hannong and Dongbu Daewoo Electronics, completing the DB Group restructuring and leading the group's reorganization focused on finance and IT.

In the business community, the transition to second-generation management was somewhat anticipated. Chairman Kim had already secured the status of the largest shareholder in key affiliates at the top of the group's governance structure since the early 2000s.

Currently, 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, and others, while DB Inc. controls DB HiTek and DB Metal, among others.

The retirement of Chairman Lee Geun-young, who had served as group chairman following the retirement of former Chairman Kim Jun-gi, also accelerated the second-generation management transition. Chairman Lee, who took office in September 2017 after former Chairman Kim's retirement, was recognized for stabilizing group management in a short period. However, due to his advanced age and increasing physical burdens, he reportedly expressed his intention to step down several times.

Founded in 1969 by former Chairman Kim Jun-gi, DB Group entered the Middle Eastern construction market in the early 1970s and achieved great success. Since then, it invested in key national industries such as steel, materials, agriculture, logistics, and finance, laying the foundation for group growth. Although it grew into a top 10 conglomerate by 2000, it underwent restructuring in the mid-2010s, refocusing its business on insurance, securities, credit finance, semiconductors, and IT. As of the end of last year, the group's asset size including the financial sector is 66 trillion KRW, with sales of 21 trillion KRW.

This content was produced with the assistance of AI translation services.