KB Financial Group Recommends Lee Jaekeun as Final Candidate for Next Chairman; Yang Jonghee Fails to Secure Another Term

Yang Jonghee Fails to Secure Another Term
Lee Jaekeun Selected as the Right Leader to Drive Future Competitiveness and Sustainable Growth

The Chairman Candidate Recommendation Committee of KB Financial Group announced on September 11 that it has convened and selected Jaekeun Lee, Head of Division at KB Financial Group, as the final candidate for the position of next chairman.

During the meeting, the committee conducted two-hour in-depth interviews with each of the three shortlisted candidates, selected on August 27: Kwon Gwangseok, former President of Woori Bank; Yang Jonghee, Chairman of KB Financial Group; and Jaekeun Lee, Head of Division at KB Financial Group.

The committee members thoroughly verified and assessed the candidates based on five main criteria stipulated for the chairman's qualifications: 'work experience and expertise,' 'leadership,' 'integrity,' 'sharing the vision and values of KB Financial Group,' and 'commitment to sound management in both the short and long term.' These were further refined into 25 detailed standards. After the final vote, the members reached a consensus that Jaekeun Lee possesses the necessary qualities and capabilities to serve as the next chairman.

Jaekeun Lee will undergo a qualification review in accordance with applicable laws and regulations and is expected to be appointed as Chairman and CEO at the extraordinary general meeting of shareholders scheduled for November 20.

Jaekeun Lee joined Housing Bank in 1993 and later served as Head of Financial Planning at the holding company and as CFO. He led the acquisitions of LIG Insurance, Hyundai Securities, and Woori Financial, playing a key role in diversifying the group’s non-banking portfolio. Subsequently, he moved to the bank, where he held roles as CFO and Head of Business Group, driving profitability-focused growth and systematizing on-site operations. In 2022, he was appointed as the youngest bank president in the industry. During his three-year tenure, he restructured the bank's profit model, laying the foundation for KB to reclaim its position as the leading bank by 2025 with record net income. Starting in 2025, he was appointed as the Group's Head of Division, where he oversaw the group’s long-standing challenges in the global and WM·SME divisions.

Chair of the Recommendation Committee, Jo Hwajun, commented, “I sincerely thank all the candidates for engaging in fair competition for more than three months. The succession process was launched early in accordance with a pre-established transparent plan to ensure the integrity of candidate evaluation. Objective verification criteria greatly enhanced the credibility and fairness of the entire procedure.”

He added, “Rather than resting on the current strong performance, we determined that a bold change and generational shift are needed to strengthen the group’s fundamental competitiveness and secure future growth engines. For this role, we selected Jaekeun Lee. As both Head of Division and Bank President, Lee has not only demonstrated outstanding expertise across banking and non-banking sectors, but also possesses a profound understanding and strategic vision in financial, strategic, and global operations. His achievements and management abilities as bank president and group head are more than sufficient for him to take on the role of group leader,” he explained, outlining the reasons behind the recommendation.

The committee noted that this year’s succession process was commenced more than a month earlier than in the past, allowing ample time to assess the candidates and actively seeking to minimize disadvantages for external applicants.

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