KB Financial Group replaces CEOs of securities, insurance affiliates

Lee Hong-gu, left, and Koo Bon-wook

South Korea’s KB Financial Group Inc. announced its first executive reshuffle under the new leadership of Chairman Yang Jong-hee, replacing the chief executive officers of six affiliates including KB Securities Co. and KB Insurance Co.

KB Financial Group held a CEO nomination committee on Thursday and recommended nine candidates for the CEO positions of eight affiliates whose terms are set to expire at the end of this month.

New CEOs were recommended for KB Securities WM Division, KB Insurance, KB Asset Management Co., KB Capital Co., KB Real Estate Trust Co., and KB Savings Bank Co.

The current CEOs for KB Securities Investment Banking Division, KB Kookmin Card, and KB Investment Co. were reelected.

Lee Hong-gu, vice president of KB Securities’ WM Sales Division, was named to succeed Park Jeong-rim as head of the WM Division.

Koo Bon-wook, executive director of KB Insurance’s Risk Management Division, was nominated to head KB Insurance.

Kim Young-sung, executive director of pension and securities at KB Asset Management, was named the CEO of KB Asset Management.

Bin Joong-il, head of Structured Finance Division at KB Kookmin Bank, was recommended for the bank’s CEO position.

Sung Chai-hyun, vice president of Sales Group at KB Kookmin Bank, was nominated as CEO of KB Real Estate Trust, and Seo Hye-ja, executive director of compliance at KB Financial Group, was named the CEO candidate for KB Savings Bank.