KB Financial Group welcomes Yang Jong-hee as new chairman

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KB Financial Group welcomes Yang Jong-hee as new chairman
Credit: © Reuters.

SEOUL - KB Financial Group has ushered in a new era with Yang Jong-hee taking the helm as its chairman. In his inaugural address today at the company's Seoul headquarters, Yang pledged to steer the financial giant towards societal growth while navigating the challenges posed by the COVID-19 pandemic and demographic shifts. His ascension comes after receiving strong shareholder support last Friday.

Yang, whose career with KB dates back to 1989, has a history of serving a wide range of clients, from young entrepreneurs to married homebuyers. He emphasized the importance of financial responsibilities and sustainable progress during his speech. Yang outlined his vision for KB Financial Group, which includes fostering a corporate culture centered on social responsibility, delivering superior customer experiences through exceptional service, recognizing employees' hard work, and upholding shareholder trust by safeguarding their investments in tough times.

The new chairman's strategy also involves a leadership restructuring within the group's subsidiaries, as he plans to address upcoming expirations of CEO terms. This follows Monday's commitment by finance group leaders, including Yang, to share profits amidst sector earnings pressure.

Yang takes over from Yoon Jong-kyoo, who concluded his tenure as chairman yesterday. Yoon had been instrumental in key initiatives like the LIG Insurance acquisition and had established vice-chairmen roles for succession planning. In August 2023, Yoon decided against seeking another term and had prepared for a smooth transition by nurturing potential successors through the vice-chairmen system.

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