Huyn Hee, KB Kookmin Bank President, Promoted to Vice Chairman of Holding Company... Lee Jae-geun, Executive Vice President, Recommended as Next Bank President

Heo In, Bank President, Promoted to Holding Company Vice Chairman After Solidifying Leading Bank Status During 4-Year Tenure

Heo In, President of KB Kookmin Bank

[Asia Economy Reporter Park Sun-mi] Heo In, CEO of KB Kookmin Bank, has been promoted to Vice Chairman of KB Financial Group, and Lee Jae-geun, Executive Vice President of the Sales Group, has been recommended as the new bank president. With Heo's promotion to vice chairman confirmed, the succession plan for KB Financial Chairman Yoon Jong-kyu has also become more concrete.

On the 1st, KB Financial announced that Heo, who solidified KB Kookmin Bank's position as a leading bank during his four-year tenure, will be promoted to vice chairman of the holding company after his term expires in December. Heo, who had been serving as head of the Digital Innovation Division at the financial holding company, joined the ranks of vice chairmen, which previously only included Vice Chairman Yang Jong-hee. The vice chairman position at KB Financial, newly established last year, has been recognized as part of Chairman Yoon's succession plan, who is currently serving his third term.

With Heo's promotion to vice chairman, a new president of Kookmin Bank will also be appointed. KB Financial held the Subsidiary CEO Candidate Recommendation Committee (hereafter referred to as the Recommendation Committee) on the same day and recommended Lee Jae-geun, Executive Vice President of the Sales Group, as the next president of Kookmin Bank. The Recommendation Committee has been continuously reviewing and verifying internal and external candidates who meet the qualifications for bank president over the past year, and since October 27, has been discussing the selection criteria and procedures for the next bank president candidates based on pre-verified candidate groups.

Lee Jae-geun, Executive Vice President of KB Kookmin Bank

Executive Vice President Lee is evaluated as having a broad understanding of customers, markets, and sales sites through his diverse experience in key core roles within the group, including head of the bank’s sales group (Executive Vice President), head of the bank’s management planning group (Senior Vice President), and CFO of the holding company (Managing Director). Additionally, as a member of the Management Committee, which discusses major group agendas, he possesses excellent management insight and vision for overall organizational operations based on the expertise he has accumulated.

He has further solidified KB Kookmin Bank’s status as a leading bank by strengthening the unique competitiveness of face-to-face channels and executing a growth management strategy focused on internal stability. He is highly respected and supported by employees for his open communication that permeates the field and his horizontal leadership that empathizes with the sensibilities of the MZ and digital generations.

A representative of the Recommendation Committee said about Executive Vice President Lee, who was recommended as the president of Kookmin Bank, “At a time when the bank’s platform capabilities are emerging as a new competitive advantage in the changing business environment, innovative leadership is required. He possesses the capability and execution power for change and innovation to lead KB Kookmin Bank to become the ‘number one financial platform company’ and to drive the quantitative and qualitative growth of the global business division as a future growth engine.”

In response, Executive Vice President Lee stated, “I will strive to make KB Kookmin Bank a bank worthy of the people,” and added, “I will work closely with employees to lead the organization well so that the bank can contribute to society, become a model company, and further solidify KB Kookmin Bank’s role as a leader in Korea’s banking industry.”

The president of KB Kookmin Bank is expected to be finalized at the bank’s shareholders’ meeting after further in-depth interviews and evaluations by the Executive Recommendation Committee to be held later this month, with a term of two years starting from January 2022, consistent with the term of CEOs of other group affiliates.