KB Financial Group to add foreign outside director

KB Financial Group said its outside director recommendation committee has recommended Stuart Solomon, former chairman of MetLife Insurance Co. of Korea, to become the financial group’s outside director.

Solomon first came to Korea in 1971 for voluntary work and built his career in the banking and insurance industry. He joined MetLife in 1995 and retired from his chairman post in December 2011.

“We considered that he can represent foreign shareholders as well as give advice on enhancing nonbanking business such as insurance to the boardroom,” the company said in a statement.

KB Financial also decided to prolong the terms of the six incumbent outside directors by one year. They are Choi Young-hwi, Yoo Suk-ryul, Lee Byung-nam, Park Jae-ha, Eunice Kyonghee Kim and Han Jong-soo.

Non-standing director Lee Hong’s term will be also extended by one year, the group said.

With Solomon joining the boardroom, the number of KB Financial’s board member has increased to nine, from eight.

Since outside director Choi Woon-yeol quit in March last year to run for the National Assembly, the group’s board members had been eight for the past year.

The group’s recommendation for a new appointment and extension of the terms are subject to an approval at the general shareholders meeting on March 24.

By Kim Yoon-mi (yoonmi@heraldcorp.com)