[Outside Director Series] ③ Jaehong Choi of KB Financial Group: The Cheerful Connector with an Engineering Background

Professor Jaehong Choi of Gangneung-Wonju National University, serving as an outside director of KB Financial Group. Photo by Jaehong Choi

"He is a cheerful and entertaining person. He has a deep understanding of businesses and a keen interest in innovation, making him well-suited for the rapidly changing atmosphere in the financial sector."

Professor Jaehong Choi of the Department of Multimedia Engineering at Gangneung-Wonju National University was appointed as an outside director of KB Financial Group's board of directors in March 2022. Amid a trend in the financial industry to strengthen digital areas such as platforms, he was brought in as an outside director specializing in digital and IT fields.

A Rare 'Engineering Graduate'

He is an outside director with an engineering background, which is uncommon in the financial sector. Most outside directors at the four major financial holding companies have backgrounds in economics, business administration, or experience in the financial industry. Professor Choi graduated from Hanyang University with a degree in electronic engineering and earned both his master's and doctoral degrees from the same university. In the IT and startup industries, he is considered a "named" (well-known player) professor. He served as an outside director for six years following the 2014 merger of Daum Communications and Kakao, and has maintained a strong presence in the industry through active external activities, such as serving as the chief judge for the Korea Mobile App Awards.

His career background played a significant role in KB Financial Group's decision to appoint him as an outside director. He himself was surprised to be selected, as he had no prior connection to the financial sector. KB Financial Group appoints outside directors with expertise in seven fields, one of which is digital and IT. Chairman Yoon Jongkyu has been vocal about making KB Financial Group the "number one financial platform." As digital finance has become the industry's biggest topic, Professor Choi, an expert in this area, was quickly recruited as an outside director. Some interpret that his experience as an outside director at Kakao also contributed to his selection, especially as big tech companies emerge as new competitors in the financial sector.

Known as a 'Connector'... Also Advises Companies

According to those who know him, he is widely regarded as a connector. A senior official in the startup industry said, "There are many startup CEOs I met through Professor Choi. He often introduces or connects people in his wide network." Professor Choi is also known for personally attending the world's largest mobile communications exhibition, Mobile World Congress (MWC), for many years and sharing trend summaries with his acquaintances. Within KB Financial Group, he reportedly reached out first to the head of the brand strategy department and team members to arrange informal gatherings, demonstrating his approachable nature.

Professor Choi has also been very active externally. He has served as the chief judge for the Korea Mobile App Awards and as a business advisor for NHN Japan and e-Samsung Japan. He is currently the chairman of the Gangwon Center for Creative Economy and Innovation, and also appears as a panelist on YouTube channels. Through media columns and other contributions, he has consistently offered heartfelt advice to Korean companies. In his columns, he has advised Korean companies to be alert to the rapid rise of Chinese companies and argued for the need to establish regulations and systems for the metaverse.

Recently, he has shared his thoughts on the "rules for success in digital transformation," which has become the biggest topic for Korean companies, including those in the financial sector. He explained, "If a CEO gets angry and tells you to quit, it will end in 100% failure. But if there is a strong CEO's determination and the efforts of capable practitioners, two out of three attempts will succeed." He also referenced Amazon founder Jeff Bezos's principle for new businesses: "Try, fail, and repeat."

Active Communication on Social Media... Making His Mark at KB Financial Group

He actively communicates with industry professionals through social networking services (SNS), from Facebook to Instagram. Unlike most in the financial sector who are cautious in their words and actions, his social media presence is known for its candid and witty remarks. On his Facebook, Professor Choi humorously described himself as "someone who exists without standing out, someone who moves between companies and universities, and someone who endures with perseverance."

When he was appointed as an outside director at KB Financial Group last year, Professor Choi stated, "During my two-year term, I am determined to achieve tangible results," adding, "This company (KB Financial Group) believes I will not just be a rubber stamp, but will create new innovations."

Having served as an outside director at Kakao for a long time, Professor Choi is experiencing a distinctly different atmosphere in the financial sector. Unlike the IT industry, which prioritizes "performance," the financial sector focuses on compliance with laws and regulations and risk management. He assessed that KB Financial Group, in particular, has a strong interest in technological innovation within the financial industry. While the financial sector tends to value insularity, KB Financial Group is actively recruiting external talent to strengthen areas such as artificial intelligence (AI) and big data.

Professor Choi has been fully committed to his board activities, attending all 71 board meetings last year. He also gave a lecture titled "The Future of Platforms" at the KB Tech Forum held last year. Regarding the role of outside directors, Professor Choi said, "What is presented externally may only be the conclusion of 'approval,' but there is a fierce process of coordination behind that conclusion. Outside directors are playing a very thorough role in their respective fields."

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