KB Financial cans incumbent chairman to tap deputy as new leader - The Korea Times

KB Financial Group selected Vice Chairman Lee Jae-keun as its next chairman for a three-year term in a surprise decision over incumbent Chairman Yang Jong-hee and former Woori Bank CEO Kwon Kwang-seok. His appointment will be finalized at a shareholders meeting on Nov. 20, when Yang’s current term expires. The committee said it chose Lee to drive a bold transformation and generational shift and to strengthen competitiveness and new growth engines. The process came amid regulatory pressure for more transparent succession procedures.

Headquarters of KB Financial Group in Seoul / Courtesy of KB Financial Group

KB Financial Group selected Vice Chairman Lee Jae-keun as its next chairman for a three-year term, surprising a market that had widely expected incumbent Chairman Yang Jong-hee to secure another term.

Lee was selected over Yang and former Woori Bank CEO Kwon Kwang-seok. His appointment is due to be finalized at a shareholders meeting on Nov. 20, when Yang's current term expires.

KB Financial Group Vice Chairman Lee Jae-keun