KB Financial Group has narrowed its search for a new chairman down to three candidates, incumbent Chairman Yang Jong-hee, KB Financial Vice Chairman Lee Jae-keun, and former Woori Bank chief executive Kwon Kwang-seok, trimming an initial pool of six that also included Vice Chairman Lee Chang-kwon and KB Kookmin Bank chief executive Lee Hwan-ju.
The finalists will go through in-depth interviews on September 11, after which the group's candidate recommendation committee will settle on a single nominee. That nominee still needs shareholder approval at a vote in November, timed to coincide with the end of Yang's current term.
A Record to Defend
Yang took office in November 2023 and has a strong run to point to. KB Financial's annual net profit crossed 5 trillion won for the first time in 2024 and climbed further to 5.8 trillion won in 2025, numbers that give the incumbent a straightforward case for a second term even as two internal challengers compete for the same job.
A Process Under Watch
A committee official described the succession process as being conducted fairly, objectively and transparently based on clear criteria, language aimed at heading off any perception that the outcome is preordained given Yang's track record and incumbency.
The race is unfolding against a governance backdrop that adds extra scrutiny to the outcome. The government is working on an overhaul of how financial groups govern themselves, with proposed changes that could tighten the requirements for reappointing sitting chairmen, part of President Lee Jae-myung's broader concern about power becoming too concentrated in the hands of incumbent financial executives.
A Tax Probe in the Background
The selection process is also playing out alongside a National Tax Service investigation at KB Kookmin Bank's headquarters, where about 30 officials were dispatched in early August to examine possible signs of tax evasion. That inquiry is expected to run through the end of the year, meaning the new chairman, whoever is chosen, will likely inherit an open tax matter along with the job.