Lee Hwan-Joo Set to Take the Helm at KB Kookmin Bank

On November 27, KB Financial Group announced that its Affiliate Representative Director Candidate Recommendation Committee (Selection Committee) had convened and selected Lee Hwan-Joo, CEO of KB Life Insurance, as the next CEO of KB Kookmin Bank.

Lee’s appointment highlights his extensive leadership experience across various roles within the group. His tenure includes serving as head of KB Kookmin Bank’s foreign exchange business division, executive director of the individual customer group, vice president of the management planning group, and CFO of KB Financial Group. These roles have honed his operational expertise and strategic management skills, positioning him to lead with a pragmatic, results-oriented approach.

During his leadership at KB Life Insurance, Lee earned commendations for his ability to provide clear strategic direction. He successfully oversaw the integration of Prudential Life Insurance with KB Life Insurance, implementing swift organizational restructuring and streamlining processes. His initiatives in exploring new markets, including long-term care services, were also well-received.

The Selection Committee explained that Lee was chosen as the final candidate due to his potential to drive stable and substantial growth while enhancing corporate and shareholder value. Notably, this marks the first time a leader from a KB Financial Group affiliate will assume the CEO role at KB Kookmin Bank. His achievements across the group’s banking and non-banking sectors exemplify the organization’s commitment to leveraging synergies through dynamic leadership.

During a press event on November 28 at the KB Life Insurance headquarters in Gangnam, Seoul, Lee shared his thoughts on the nomination. He underscored the significance of trust in finance and expressed his ambition to solidify KB Kookmin Bank’s reputation as a trusted lifelong financial partner.

Lee also acknowledged the complex management challenges facing the bank and pledged to address its pressing issues by drawing on his dual expertise in banking and insurance. His vision includes robust support for small business owners impacted by the current economic climate and initiatives targeting societal challenges like the low birthrate. He emphasized fostering mutual growth for society, customers, employees, and shareholders alike.

Additionally, Lee highlighted his commitment to strengthening internal controls and upholding strict ethical standards, aiming to fortify trust among the bank’s stakeholders.

The next steps involve KB Kookmin Bank’s Bank CEO Candidate Recommendation Committee conducting comprehensive evaluations and interviews before Lee’s appointment is finalized at a shareholder meeting. His term as CEO is slated to begin in January 2025 and will span two years.

Have you read?
World’s Most Fashionable Countries.
World’s Best Countries For Business Expats.
Best Non-Native English Speaking Countries In The World.
Countries With The Largest Household Size.
World’s Best (And Worst) Countries For Older People To Live In.