KB Financial Group announced that it convened the Affiliate Representative Director Candidate Recommendation Committee and has chosen Lee Hwan-joo, CEO of KB Life Insurance, as the next CEO of KB Kookmin Bank.
Lee has been highly recognized for his broad experience in key leadership roles within the group, including the head of the foreign exchange business division at KB Kookmin Bank, the executive director of the individual customer group, the vice president of the management planning group, and the vice president and CFO of KB Financial Group. This extensive background has equipped him with the field expertise and management skills necessary to effectively balance an operations-focused management philosophy.
During his tenure as CEO of KB Life Insurance, Lee received commendation for providing clear direction and a strong vision. He effectively merged Prudential Life Insurance with KB Life Insurance through swift organizational restructuring and process innovation. Furthermore, his initiatives to expand into long-term care services and explore new markets were highly regarded.
The Selection Committee stated, “We have recommended Lee Hwan-joo as the final candidate because he is capable of ensuring stable and substantial growth while consistently enhancing corporate and shareholder value. This marks the first time a CEO from a KB Financial Group affiliate has been appointed as CEO of KB Kookmin Bank. His proven success across KB Financial’s banking and non-banking sectors reflects the group’s philosophy of maximizing synergies between its divisions through exceptional leadership”.
During a press briefing on Nov. 28 at the KB Life Insurance headquarters in Gangnam, Seoul, Lee expressed his thoughts on being selected, stating, “Finance is fundamentally about trust. I will work to ensure KB Kookmin Bank becomes a lifelong financial partner trusted by the people”.
Lee commented, “I understand the importance and challenges of the current management environment surrounding the bank. I will quickly address the bank’s key issues by leveraging my experience in both banking and leading an insurance company, striving to make KB Kookmin Bank a trusted lifelong financial partner for the people”.
He added, “I will make efforts to support small business owners who are struggling due to the current economic conditions, as well as caregiving initiatives aimed at addressing the low birthrate. My ultimate goal is to foster mutual growth with society, customers, employees, and shareholders by dedicating my utmost effort.” He emphasized, “I will ensure that KB Kookmin Bank earns the trust of the public and stakeholders by further enhancing internal control systems and adhering to strict ethical standards”.
KB Kookmin Bank intends to assemble the Bank CEO Candidate Recommendation Committee to conduct thorough interviews and evaluations of the candidate before confirming the appointment at a shareholder meeting. The new CEO's term is set to begin in January 2025 and will span two years.