KB Financial Group named Lee Jae-keun, chief business officer of global, wealth management and corporate finance, as the final candidate to be its next chairperson, defying expectations that incumbent Chairman Yang Jong-hee would serve a second term, the banking group said Friday.
Following a meeting of its chair candidate recommendation committee, the group announced Lee as the final candidate. He is expected to be formally appointed as chairperson at an extraordinary general meeting of shareholders on Nov. 20, when Yang’s term ends.
Lee is a seasoned executive with extensive experience in key areas across the group, including finance, strategy, global business and wealth management, KB Financial explained. He served as the chief of KB Kookmin Bank, the group's key lending unit, between 2022 and 2024.
Since being appointed as head of the group's global, wealth management and corporate finance in 2025, he has played a key role, driving the group’s performance across the businesses.
"Lee is a strong CEO candidate capable of successfully leading KB Financial toward its future and sustainable growth at a time when the financial industry is undergoing restructuring and a shift in money flows is gaining momentum," said Cho Hwa-joon, who chairs the recommendation committee.
The committee had earlier narrowed the shortlist to three candidates: Lee, Yang and Kwon Kwang-seok, former CEO of Woori Bank.
Although Yang was widely expected to win a second term, backed by the group's strong earnings performance and enhanced shareholder returns, he will step down from the post.
The new chairman will serve a three-year term beginning Nov. 21.
silverstar@heraldcorp.com
