KB Financial, Generation Change in Full Swing... Yang Jong-hee to Inaugurate as Chairman on the 21st

Yang Jong-hee, Nominee for Chairman of KB Financial Group [Image source=Yonhap News]

KB Financial Group will undergo a generational change for the first time in nine years.

On the morning of the 17th, KB Financial held a shareholders' meeting at the KB Kookmin Bank headquarters in Yeouido, Seoul, and approved the appointment of Yang Jong-hee as an inside director. Yang, who will take office on the 21st, will lead the group for the next three years. Maintaining KB's leading position in the financial sector while strengthening global business and discovering new growth engines are expected to be key tasks. Addressing the pressure for coexistence from the financial sector is also a challenge to be resolved.

Born in 1961 in Jeonju, he graduated from Jeonju High School and Seoul National University with a degree in Korean history, and completed a master's course at Sogang University's Graduate School of Business. He joined the Housing Bank in 1989 and worked for 20 years in branches and finance-related departments of KB Kookmin Bank before moving to KB Financial Group in 2008.

Since 2014, he has served as executive director in charge of group strategy and as vice president, and is known as the group's 'finance expert.' During his tenure as an executive in charge of group strategy, he led the acquisition of LIG Insurance. From 2016, he served as CEO of KB Insurance for five years, growing it into a core affiliate of the group and leading the strengthening of the group's non-bank sector. After being appointed vice chairman in 2021, he took charge of divisions including global, insurance, digital, individual customers, asset management, and small and medium-sized enterprises (SME).

Yang will assume office amid pressure for 'coexistence' from the financial sector. Recently, President Yoon Suk-yeol's strong stance against banks, including criticism of 'gapjil' (abuse of power) and 'jongnoreut' (servitude), has intensified, causing the financial sector to struggle with preparing coexistence plans. Yang is expected to begin his official activities by attending a meeting with Financial Services Commission Chairman Kim Ju-hyun and Financial Supervisory Service Governor Lee Bok-hyun on the 20th. He previously stated, "The paradigm of the financial industry is changing," and added, "I will lead the group with greater attention to social responsibility."

Yang is also expected to carry out an organizational restructuring by the end of the year shortly after taking office. Among KB Financial's 11 affiliates, nine have CEOs whose terms are about to expire. These include KB Kookmin Bank President Lee Jae-geun, KB Securities CEOs Park Jeong-rim and Kim Seong-hyun, KB Insurance CEO Kim Ki-hwan, KB Kookmin Card CEO Lee Chang-kwon, KB Asset Management CEO Lee Hyun-seung, KB Capital CEO Hwang Su-nam, KB Real Estate Trust CEO Seo Nam-jong, KB Savings Bank CEO Heo Sang-cheol, and KB Investment CEO Kim Jong-pil, all of whom have terms ending this year.

At the shareholders' meeting, Yang said, "I feel a strong sense of responsibility and gravity. I am aware that despite various difficulties in the domestic financial industry, shareholders have high expectations for KB Financial, and I will do my best to meet those expectations. I will actively respond to and further develop the mid- to long-term capital management direction and shareholder return policies promoted by KB Financial's board and Chairman Yoon Jong-kyu."

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