By picking one of its former executive members as the new chairman, KB Financial Group made it clear that it is determined to end its deep-rooted leadership strife. It has also proclaimed that it will no longer welcome government meddling in its personnel management.
On Wednesday, KB Financial Group’s chairman nominee recommendation committee said it had named Yoon Jong-kyoo, former chief financial officer of the company, as the sole candidate for the currently empty chairman post.
Yoon outran Citibank chairman Ha Yung-ku in a neck-and-neck race to become the first-ever KB Financial employee to make the leap from executive to chairman.
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KB Financial Group chairman nominee Yoon Jong-kyoo. (Yonhap) |
“Yoon pledged to manage (KB Financial) in a way that may encourage the self-esteem of KB Financial employees and also presented detailed strategies to realize such a vision,” said Kim Young-jin, professor of business administration at Seoul National University and chairman of the committee.
As the former CFO and vice president, Yoon also is likely to be well-informed about the group’s business structure and culture, including its weaknesses, Kim added.
Following his nomination, Yoon said, “I will work together with our family to create unity and regain trust.”
As well as coming from within, the new chairman nominee is also noted for his unique career path.
After graduating from a commercial high school in Gwangju, he joined the Korea Exchange Bank, after which he took night-school courses at Sungkyunkwan University.
He also passed exams to become a certified public accountant and for local civil service examinations, but was denied entry into the civil workforce due to his record of participating in antigovernment demonstrations.
During his years as vice chief of Samil PricewaterhouseCoopers, Yoon was recruited to become the chief financial officer of Kookmin Bank in 2002.
KB Financial’s labor union also welcomed the nomination of an insider as new chief.
“This is a historic day marking KB Financial’s freedom from government influence,” said the union chairman in a statement.
The union had said in an earlier statement that it would fight to the end should another outsider (or former government official) come to take the chairman post.
The former chairman Lim Young-rok hailed from the nation’s Finance Ministry. He was dismissed last month after receiving a heavy penalty from financial authorities over his dispute with KB Kookmin Bank president Lee Kun-ho. Lee stepped down voluntarily after being issued an identical sanction.
Yoon’s chairmanship will be confirmed on Nov. 21, after his qualifications are approved at a shareholders’ meeting, according to officials.
By Bae Hyun-jung (
tellme@heraldcorp.com)
