Lee Jae-keun named KB Financial Group chairman nominee

KB Financial Group has selected Lee Jae-keun, the current head of Global, WM, and SME divisions, as the final nominee for its next chairman. The Chairman Candidate Recommendation Committee chose Lee to facilitate a ‘generational shift’ and pursue “bold change,” even as the group reports record-breaking net profits.

Lee, a veteran who joined the group in 1993 and previously served as CFO of KB Kookmin Bank, is expected to be formally elected at an extraordinary shareholders' meeting on November 20. His three-year term is slated to begin on November 21. In his initial remarks, Lee emphasized a leadership approach centered on decentralized authority, systems, and processes rather than concentrated individual power. He identified artificial intelligence, digital transformation, shifting capital flows, and an aging population as the critical challenges facing financial groups over the next three to five years. Lee stated that leadership involves ‘setting new standards and benchmarks for the industry’ rather than simply maintaining a top position.

The transition, which includes the decision not to reappoint current chairman Yang Jong-hee, is expected to trigger broader personnel reshuffles across subsidiaries such as KB Kookmin Bank, KB Securities, and KB Insurance, as several CEOs face term expirations at year-end.