[Alpha Biz=(Chicago) Reporter Kim Jisun] KB Financial Group Chairman Yoon Jong-kyu will step down without challenging his fourth consecutive term. It has been nine years since he took the post of chairman in 2014.

KB Financial Group said on the 6th that Chairman Yoon expressed his intention not to seek a second term at the chairman's nomination committee within the board.

Yoon became the chairman of KB Financial Group in November 2014 and succeeded in serving consecutive terms in 2017 and 2020. During his term, KB Financial has firmly established itself as a "leading bank" over Shinhan Financial. Chairman Yoon took over LIG Insurance (currently KB Insurance) in 2015, Hyundai Securities (currently KB Securities) in 2016, and Prudential Life Insurance (currently KB Life Insurance) in 2020 to strengthen his non-banking business portfolio.

KB Financial is currently in the process of electing its next chairman. On the 20th of last month, the Presidential Candidate Recommendation Committee was in full operation. Against this backdrop, whether Chairman Yoon will challenge his fourth consecutive term was of keen interest to the financial sector. Currently, the committee has secured a total of 20 candidates (long list), including Chairman Yoon. The committee plans to compress the number of candidates to six (shortlist) by the 8th of this month.

 

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