Choi Woo-hyung's second term as Kbank's CEO is effectively set. Choi's first term, which expires on the 31st of this month, will be automatically extended at the end of the year under the company's articles of association. His renewed term is expected to be formalized at the regular shareholders meeting in March next year.
According to ChosunBiz reporting compiled on the 26th, Choi's term at Kbank will be automatically extended as the bank will not hold an extraordinary shareholders meeting during the remainder of this year.
Within Kbank, the view is that the likelihood of Choi being replaced at the regular shareholders meeting in March next year is low. Under its contract with financial investors (FI), Kbank must complete its listing by July next year, four months after the regular shareholders meeting.
A financial industry official said, "At next year's shareholders meeting, replacing the control tower at Kbank would be no different from giving up on the listing." If this third attempt at listing also fails, FIs could exercise drag-along rights or put options for early redemption, potentially shaking the entire company.
Born in 1966, Choi graduated from Kyungdong High School in Seoul and the economics department at Seoul National University, and earned a master's degree in financial management from the SNU business school. After passing the certified public accountant exam, Choi worked at Hana Bank, Accenture, Samsung SDS, IBM Korea, Kyongnam Bank, and BNK Financial Group before being appointed Kbank CEO in 2024.
In 2024, Choi's first year as CEO, Kbank's net profit came to 128.1 billion won, about 10 times higher than the previous year's 12.8 billion won. Cumulative net profit for the third quarter this year was also 103.4 billion won, maintaining the 100-billion-won level for a second straight year. Meanwhile, since the launch of the Executive Candidate Recommendation Committee (Nomination Committee) in September, it has not taken any position for more than three months on the selection of the next CEO, fostering a sense inside and outside Kbank that Choi's second term is a foregone conclusion.