Kim Tae-o, Chairman of DGB Financial Group, Steps Down... "New Leadership Needed"

Term Scheduled Until This Year's March General Meeting of Shareholders

Kim Tae-o, Chairman of DGB Financial Group, has decided to step down instead of seeking reappointment.

Chairman Kim stated on the 12th to the Chairman Candidate Recommendation Committee (CCRC) that "it is time for new leadership that can continue the group's sustainable growth and respond to a dynamic future." However, he plans to continue his term until the shareholders' meeting in March this year, when his successor will be appointed.

Since assuming the chairmanship in May 2018, Chairman Kim has been credited with overcoming a severe management crisis early through management innovation activities. By presenting the group's future vision, he accelerated digital and global businesses, diversified the group’s portfolio, and secured a solid growth foundation for non-bank affiliates. He improved the revenue structure, which had been concentrated in DGB Daegu Bank, enabling stable growth. As a result, DGB Financial Group recorded total assets of 100 trillion won and a net profit of 450 billion won.

On September 25 last year, the CCRC initiated the management succession process and is proceeding with the process to appoint the next chairman. They plan to recommend the final candidate by the end of February through programs involving external experts.

Choi Yong-ho, Chairman of the CCRC, said, "Since Chairman Kim has devoted himself to establishing a sound governance structure for the group, the CCRC respects his intention to retire," adding, "The CCRC will appoint the next chairman through a fair and transparent process from an independent position."

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