Toss Bank Appoints Former KB Kookmin Bank CEO Lee Geon-ho and Lawyer Park Se-chun as New Outside Directors

Stock Options Granted to Employees on Their 1st Anniversary of Joining the Company

Former KB Kookmin Bank President Lee Geon-ho (left) and Park Se-chun, Standing Advisor at Hwawoo Law Firm (Provided by Toss Bank)

[Asia Economy Reporter Minwoo Lee] Toss Bank has appointed former KB Kookmin Bank President Geonho Lee and Hwawoo Law Firm Senior Advisor Sechun Park as outside directors.

On the 30th, Toss Bank held an extraordinary general meeting of shareholders and appointed Geonho Lee, CEO of the Financial Innovation Research Association, as an outside director, and Senior Advisor Park as an outside director and audit committee member. The term is two years until November 29, 2024.

Director Lee previously served as Vice President of Choheung Bank and professor at the Graduate School of International Policy at the Korea Development Institute (KDI). In 2011, he was Vice President of the Risk Management Group at KB Kookmin Bank and became the bank president in 2013. In 2015, he was invited as a research fellow at the Korea Institute of Finance, and since January this year, he has been serving as CEO of the Financial Innovation Research Association.

To enhance expertise in financial consumer protection, risk, and internal control, Senior Advisor Park was appointed as an outside director and audit committee member. Auditor Park held positions such as Director of the Bank Examination Bureau, Director of the Sanctions Review Bureau, and Director of the Special Bank Examination Bureau at the Financial Supervisory Service. In 2014, he served as Deputy Director in charge of bank and small business inspections, and in 2017, as Deputy Director responsible for banks and small businesses.

Meanwhile, Toss Bank decided to grant 487,000 stock options to 47 employees who have reached their first anniversary with the company. The stock type is registered common stock, issued as new shares. The exercise price is KRW 5,000 per share based on the par value. The grant date is November 30, 2022, and the eligible employees can exercise the options for five years starting from November 30, 2024, two years after the grant date.

A Toss Bank official stated, "With the addition of outside directors who possess extensive experience and deep insight, Toss Bank has laid the foundation for further growth," adding, "We will continue to evolve into a bank that combines both stability and growth."