Lee Jae-geun Recommended as KB Financial Chairman Candidate, Yang Jong-hee Fails to Reappoint

Lee Jae-geun (60), the head of KB Financial's division, has been recommended as the next chairman of KB Financial Group. Current chairman Yang Jong-hee has failed to secure reappointment. The KB Financial Group Chairman Candidate Recommendation Committee announced on the 11th that it would recommend Lee as the next chairman candidate. Although Yang's reappointment was considered likely, the committee made a sudden decision. Lee graduated from Seoul High School and earned degrees in mathematics and economics from Sogang University before joining the Housing Bank in 1993. He has held various positions including head of the Management Planning Group at KB Kookmin Bank, head of the Sales Group, president of KB Kookmin Bank, and head of the Global Business Division at the holding company. He is known as a 'financial expert' who led the acquisitions of LIG Insurance, Hyundai Securities, and Woori Financial. Chairman of the recommendation committee Cho Hwa-jun emphasized that Lee is the right person to lead KB Financial's future and sustainable growth amid the restructuring of the financial industry and the intensification of money moves. Lee is expected to be officially appointed as chairman through the recommendation of the committee and the board of directors on November 2, followed by an extraordinary general meeting of shareholders on November 20. The chairman's term will start on November 21 and last for three years.