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| KB Financial Group Chairman Yoon Jong-kyoo |
By Yoon Ja-young
KB Financial Group Chairman Yoon Jong-kyoo chose to wrap up his third three-year term which is ending in November instead of seeking another term as the group's chief.
According to the financial group's CEO recommendation committee, the chairman informed the committee of his intent not to run again. His term ends on Nov. 20.
He told the committee that it is time to hand over the "baton of KB Financial Group for a new future and change." He added that he hopes "a capable person is appointed as his successor, to lead the group's sustainable growth so that it can leap forward as a leading financial group representing Asia beyond Korea."
The committee is scheduled to make a shortlist of six candidates for the group's next chairman on Tuesday, and narrow down the list to three on Aug. 29 following interviews. As Yoon has decided not to seek another term, he will not be included in the shortlist. The final candidate will be confirmed by Sept. 8. Following the recommendation of the board of directors in their joint meeting with the committee members, the candidate will be officially appointed as chairman with approval from shareholders in their meeting slated for Nov. 20.
Since taking the position in November 2014, Yoon has successfully led the group for nine years, over three terms. In particular, he bolstered the group's non-banking businesses, such as insurance and securities, setting the foundations for KB to become a "leading financial group" of the country.
Acknowledging his contributions to the group, the CEO recommendation committee said they respect his decision and will cherish the time spent together. "He is one of the CEOs representing the country and an admired leader. The transparency and respect he has shown the board has set up the foundation for KB's governance structure. It will serve as a practice for his successors as well," it said.
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