KB Financial Prefers Stability Over Change...7 Out of 10 Affiliates Retain Existing CEOs (Comprehensive)

Selection of CEO Candidates for 10 Affiliate Companies

[Asia Economy Reporter Sunmi Park] KB Financial Group held the Subsidiary CEO Candidate Recommendation Committee (hereinafter referred to as the "Recommendation Committee") on the 18th and selected CEO candidates for 10 subsidiaries, including KB Securities. The selected candidates will undergo final review and recommendation by the respective subsidiary’s CEO Candidate Recommendation Committee in December and will be confirmed at the shareholders' meeting.

The Recommendation Committee selected new CEO candidates for KB Insurance, KB Real Estate Trust, and KB Credit Information among the 10 subsidiaries whose terms expire at the end of December. The new CEO candidates are Kim Ki-hwan, CFO of KB Financial Group, for KB Insurance; Seo Nam-jong, CRO of KB Financial Group, for KB Real Estate Trust; and Cho Soon-ok, Compliance Officer of KB Kookmin Bank, for KB Credit Information. The term of the new CEOs is two years.

New CEOs for KB Insurance, KB Real Estate Trust, and KB Credit Information

For KB Insurance, with CEO Yang Jong-hee expected to be appointed as Vice Chairman of the holding company, Kim Ki-hwan, the Group CFO, was selected as the candidate who can consistently promote strategic positioning and diversification of profit structures within the insurance subsidiaries of the group. Candidate Kim Ki-hwan has extensive experience in various control tower roles including finance, risk, public relations, HR, and global operations, demonstrating a high level of understanding and management capability of core businesses within the group. As the Group CFO, he has been recognized for his leadership in supporting the status of the leading financial group.

For KB Real Estate Trust, Seo Nam-jong, the Group CRO, was selected as the candidate with a balanced perspective combining sales and risk management capabilities to proactively respond to paradigm shifts in the real estate market. Candidate Seo Nam-jong is evaluated to have a high understanding of core businesses within the group and stable organizational management skills based on his rich field experience in sales, finance, and risk management, as well as broad financial expertise.

For KB Credit Information, Cho Soon-ok, the bank’s Compliance Officer, was selected as the candidate to strengthen its role as a foundational business within the group in preparation for changes in the regulatory environment. Candidate Cho Soon-ok is one of the female executives within the group with abundant field sales experience, including serving as head of the regional sales group, and has supported the bank’s achievement of management performance through internalization of ethical sales as the bank’s Compliance Officer.

Reappointment of CEOs for KB Securities, KB Kookmin Card, and Others

KB Asset Management, which has been operating under a multiple-CEO system, plans to switch to a single-CEO system. Lee Hyun-seung, who is in charge of the alternative assets division, was reselected as the candidate for KB Asset Management CEO.

For KB Securities, KB Kookmin Card, KB Capital, KB Life Insurance, KB Savings Bank, and KB Investment, the CEOs 'Park Jung-rim and Kim Sung-hyun', 'Lee Dong-chul', 'Hwang Soo-nam', 'Heo Jung-soo', 'Shin Hong-seop', and 'Kim Jong-pil' were reselected as candidates. The term for the reselected CEOs is one year.

The Recommendation Committee stated, "In an environment where digital trends and a low-growth structure have become normalized, we focused on forming a leadership group with proven capabilities that can drive sustainable growth through customer-centric digital innovation. In particular, we thoroughly examined the suitability of CEO candidates by comprehensively reviewing management performance during their tenure, mid- to long-term management strategies, execution capabilities, and change and innovation leadership to actively respond to market changes."

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