Yang Jong-hee leads the race for KB Financial Group CEO position

Yang Jong-hee, vice chairman at KB Financial Group. [Photo by Yonhap]

Yang Jong-hee, currently a vice chairman at KB Financial Group, has been selected as the leading candidate to become the next CEO at the top South Korean bank. This nomination marks the first time in 15 years since KB Financial Group’s establishment in 2008 that an internal candidate has been named as the banking group chief.

The decision to designate Yang as the next CEO candidate was made on Friday by the bank’s committee to recommend CEO candidates. The choice was based on the belief that Yang is the most suitable individual to lead KB Financial Group into its next stage of “Maintaining position as a Leading Financial Group.”

Yang Jong-hee is highly regarded for his deep understanding of KB Group’s vision as well as its medium- to long-term strategies. He has worked closely with incumbent chairman Yoon Jong-kyu within KB Kookmin Bank and KB Financial Group for an extended period and contributed significantly to establishing a stable growth foundation for KB Financial and diversifying its non-banking sector businesses during this time.

Hailing from Jeonju, South Korea, Yang graduated from Jeonju High School and Seoul National University with a major in Korean history. He began his career with Kookmin Bank in 1989 and later served as an executive in charge of strategic planning at KB Financial Group. During his tenure, he successfully oversaw the acquisition of LIG Insurance and provided stable leadership to KB Insurance for five years. KB Insurance has become the sole profitable subsidiary among financial holding companies, contributing to the overall performance of KB Financial Group.

As the presumptive next CEO, Yang also faces several challenges. Given the heightened uncertainty due to the economic downturn, stabilizing the banking organization and focusing on risk management are expected to be the CEO’s top priorities. Additionally, it is anticipated that Yang could implement bold personnel changes to bring fresh energy into the organization and implement various changes in line with the group’s mid- to long-term management roadmap if he is assigned the CEO position.

KB Financial Group has set ambitious goals, aiming to increase the overseas business’s net profit contribution to 30 percent by 2030.