KB Financial Group Subsidiaries Undergo 'Generational Change'... New CEOs Recommended for Card, Life Insurance, and Savings Bank

KB Financial Vice Chairmen Yang Jong-hee, Lee Dong-chul, and Heo In Triangular System
New Representatives Recommended for Card, Life Insurance, and Savings Bank
Existing Representatives Re-recommended for Securities, Asset Management, Capital, and Investment

Changkwon Lee, Nominee for New CEO of KB Kookmin Card

[Asia Economy Reporter Park Sun-mi] On the 16th, KB Financial Group carried out a "generation change" by appointing new CEOs for its card, life insurance, and savings bank subsidiaries, which require change and innovation. For four subsidiaries?securities, asset management, capital, and investment?the existing CEOs were re-nominated to seek stability, deciding the leadership for seven subsidiaries. The vice chairman, considered a "post-Yoon Jong-kyu" figure, was also structured into a three-person system to establish a succession framework.

KB Financial announced that it held the Subsidiary CEO Candidate Recommendation Committee (Daechuwi) and recommended CEO candidates for seven subsidiaries, including KB Securities. The recommended candidates will be finalized at the shareholders' meeting through the final review and recommendation by each subsidiary’s Daechuwi in December. The Daechuwi recommended new CEO candidates for KB Kookmin Card, KB Life Insurance, and KB Savings Bank among the seven subsidiaries whose terms expire at the end of December. For KB Securities, KB Asset Management, KB Capital, and KB Investment, the existing CEOs were re-nominated as candidates.

Lee Hwan-joo, Nominee for CEO of KB Life Insurance

Lee Dong-cheol, the current CEO who has solidified KB Kookmin Card’s status over his four-year tenure, is scheduled to be promoted to vice chairman of the holding company after his term expires in December, alongside KB Kookmin Bank President Heo In. If the current Vice Chairman Yang Jong-hee, whose term also ends at year-end, continues in office, KB Financial’s vice chairmanship will shift to a three-way system of Yang Jong-hee, Lee Dong-cheol, and Heo In.

Earlier, KB Financial appointed Lee Jae-geun, Executive Vice President of KB Kookmin Bank’s Sales Group, as the next bank president, resulting in a generational change of dynamic talents capable of change and innovation in four subsidiaries: bank, card, life insurance, and savings bank.

For the new CEO candidates, Lee Chang-kwon, current CSO (Chief Strategy Officer) of KB Financial Group, was recommended for KB Kookmin Card; Lee Hwan-joo, current CFO (Chief Financial Officer) of KB Financial Group, for KB Life Insurance; and Heo Sang-chul, current Head of the Smart Customer Group at KB Kookmin Bank, for KB Savings Bank. The terms for the new CEOs are two years.

Heo Sang-cheol, Nominee for CEO of KB Savings Bank

Lee Chang-kwon, the current CSO and CGSO recommended as CEO of KB Kookmin Card, is evaluated to possess dynamic organizational management capabilities that can lead the transformation into a "top comprehensive financial platform player" through member-centered solid growth and platform competitiveness in response to changes in the business environment. Based on his experience in various control tower roles such as strategy and global operations, Lee has a high understanding of core businesses within the group and contributed to establishing a stable profit base for the group through strengthening the non-bank portfolio and overseas market expansion, based on the successful acquisition of Prudential Life Insurance.

Lee Hwan-joo, the current CFO recommended as CEO of KB Life Insurance, has extensive experience in key core roles within the holding company and bank (finance, strategy, personal customers, foreign exchange, etc.). His strength lies in demonstrating excellent management capabilities by leading steady growth of subsidiaries based on a high understanding of each subsidiary’s core business, thereby solidifying KB Financial’s status as a leading group.

Heo Sang-chul, the current Head of the Smart Customer Group at KB Kookmin Bank and recommended as CEO of KB Savings Bank, possesses optimal insights into the subsidiary’s business divisions based on diverse experience in digital, sales, strategy, and management innovation, as well as broad financial knowledge, and demonstrates outstanding leadership in change and innovation.

Meanwhile, for KB Securities, KB Asset Management, KB Capital, and KB Investment, the current CEOs Park Jung-rim, Kim Sung-hyun, Lee Hyun-seung, Hwang Soo-nam, and Kim Jong-pil were re-nominated as CEO candidates. The terms for the re-nominated CEOs are one year. A Daechuwi official stated, "We selected CEO candidates focusing on forming a dynamic next-generation leader group capable of enhancing market position to firmly establish our status as a leading financial group."

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