'Yellow Blood' Yoon Jong-kyu, KB Financial Chairman: "There Is No Right Answer in Governance"

On the 25th, Yoon Jong-kyu, Chairman of KB Financial Group, held a CEO press conference at the new building of KB Kookmin Bank in Yeouido and shared his reflections on completing his nine-year term. Photo by Heo Young-han younghan@

Yoon Jong-kyu, Chairman of KB Financial Group, stated on the 25th that "there is no definitive answer to corporate governance."

At a press conference held that morning at the new building of KB Kookmin Bank in Yeouido, Seoul, Chairman Yoon was asked about KB Financial's succession program. He responded, "I believe that corporate governance should be developed and advanced uniquely to fit the nature of each company."

He pointed out, "Many people think there is a correct answer to corporate governance and try to standardize or unify it, but we need to consider whether there really is only one right form of governance."

Chairman Yoon added, "KB will not stop efforts to develop a desirable governance structure in its own way," and said, "From the early days of my tenure, I have closely cooperated with the board of directors on the chairman development program. I believe there are areas that need further improvement."

When asked about any regrets during his term, Yoon cited KB Financial's global ranking. He said, "Although KB is called a leading financial group, it remains around the 60th position globally, which is quite disappointing," adding, "I first used the phrase that I wish there was a Samsung in Korean finance, and that leaves a sense of loneliness. I hope to seriously consider this with the policy authorities and explore various measures."

Yoon, who has led KB Financial Group for nine years, announced his retirement in August. He reflected, "My trademark became a backpack and a yellow necktie, and I was even joked with, 'Does yellow blood flow in your body?'" He continued, "Since becoming chairman, I have never worn any color other than a yellow necktie. I am grateful and happy to have been able to work while wearing a yellow necktie."

He has received positive evaluations inside and outside the financial sector for managing the 'KB incident' that erupted in 2014 and for improving corporate governance. Yoon took office on November 21, 2014, shortly after the 'KB incident,' which involved a conflict between former Chairman Lim Young-rok and former President Lee Gun-ho over the replacement of the bank's main computer system. Immediately after his inauguration, he held concurrent positions as holding company chairman and bank president to prevent discord, and initiated governance improvements such as replacing all outside directors and strengthening internal audit systems. In the second quarter of this year, KB recorded record-breaking performance, leading some to believe that a reappointment would be feasible, but Yoon chose an honorable retirement. Having taken office in 2014, Yoon successfully renewed his term twice in 2017 and 2020, currently serving his third term, which is set to expire on November 20.

Yoon's successor will be Vice Chairman Yang Jong-hee. Yoon added, "Although only two months remain in my term, I will do my best to ensure a smooth handover so that the appointee Yang can take light steps forward."