KB Financial Group on the 2nd formally began the process to select its next chairman. The final candidate for the next chairman will be confirmed on Sept. 11.
The KB Financial chairman candidate recommendation committee (the committee) said it held a meeting that day, resolved the detailed rules for the chairman candidate recommendation process, and narrowed the existing pool of 20 potential candidates (long list) to 12 (six internal, six external).
The committee plans to hold a meeting on the 3rd of next month to narrow the 12 candidates to six (first short list). Then on Aug. 27, it will conduct first-round interviews and evaluations of the six to narrow the short list (second round) to three.
To ensure external candidates are not disadvantaged, the committee decided to provide about two months of preparation time from the selection of the first short list to the interviews. After an in-depth assessment through second-round interviews on Sept. 11, the committee will confirm one final candidate by vote. The final candidate, after undergoing a qualification check, will be formally appointed as the next chairman at an extraordinary shareholders meeting in November.
The term of current chairman Yang Jong-hee runs until Nov. 20. KB Financial emphasized that this chairman selection process is more than a month earlier than in 2023, when Yang was elected. By extending the period from the start of the process to final candidate selection to three months, KB Financial said it secured sufficient time for candidate evaluation and vetting.
Committee chair Cho Hwa-jun said, "We will carry out the succession process more transparently and fairly in line with the advancement of governance in the financial sector currently being led by the financial authorities," and added, "We will do our best to select the most suitable person who can enhance shareholder value and lead sustainable growth."