Kim Byung-chul, senior executive vice president, has been tapped as the new president and CEO of KDB Life, a subsidiary of Korea Development Bank.
According to the insurance industry on Jan. 6, KDB Life plans to hold a shareholders meeting soon to approve the appointment of Kim as chief executive.
Im Seung-tae, CEO of KDB Life, saw the term expire in March last year, but has remained in the post due to the fallout from the presidential impeachment. After the launch of the new administration, the appointment of the Korea Development Bank chief was delayed, pushing back the selection of the head of its subsidiary KDB Life as well.
Kim served as managing executive director overseeing Fubon Hyundai Life before joining KDB Life in March last year. Starting as an insurance agent, Kim is regarded as a sales expert who has worked in the insurance industry for more than 20 years.
After its sale fell through, KDB Life was incorporated as a Korea Development Bank subsidiary in March last year. Its soundness worsened further as it fell into complete capital impairment. The decision to tap sales expert Kim as the new chief is seen as a step toward normalizing management.