From left are KB Securities co-CEOs Park Jeong-rim and Kim Sung-hyun and KB Insurance CEO Kim Ki-hwan. Courtesy of KB Financial Group

By Lee Min-hyung

KB Financial Group has carried out a year-end reshuffle of the top management of its eight affiliates, focusing on stabilization by extending the terms of seven incumbent leaders, the company said Thursday.

According to the nation's top financial holding firm by market capitalization, KB decided to recommend keeping the seven leaders of its key affiliates ― such as KB Securities, KB Insurance and KB Asset Management ― allowing them to lead the companies for another year until the end of 2023 upon approval at an upcoming shareholders' meeting.

The seven leaders include KB Securities co-CEO Park Jeong-rim, who has led the company for almost four years since January 2019. Park is in charge of leading the firm's wealth management business. KB spoke highly of her stable management capability even during this period of financial uncertainty sparked by the U.S. Federal Reserve's rate hikes and stock doldrums.

It was also recommended to extend the leadership of KB Securities' other co-CEO, Kim Sung-hyun, in recognition of his expertise and powerful initiative driving the firm's investment banking, KB Financial Group said.

KB Insurance CEO Kim Ki-hwan is also expected to continue extending his career there thanks to his contribution to driving the firm's stable earnings growth and tightening its financial soundness since taking office in January 2021.

The group did not make any drastic leadership reshuffles at its other affiliates either. KB Asset Management CEO Lee Hyun-seung was recommended to keep leading the firm in recognition of his balanced approach towards the securities market and alternative investment. KB Capital CEO Hwang Soo-nam was rated highly for his decades-long know-how in the capital industry and achievement in finding a new cash cow in the car finance market.

From top left are KB Asset Management CEO Lee Hyun-seung, KB Capital CEO Hwang Soo-nam, KB Real Estate Trust CEO Seo Nam-jong, KB Investment CEO Kim Jong-pil, KB Credit Information CEO Cho Soon-ok and KB Data Systems CEO-nominee Kim Myung-won. Courtesy of KB Financial Group

KB Real Estate Trust CEO Seo Nam-jong is also forecast to lead the firm for another year on his keen insights in driving its solid growth even amid unfavorable market circumstances, the financial holding firm said.

KB Financial Group also praised KB Investment CEO Kim Jong-pil for his strong power of execution, and decided to reappoint him as its leader.

KB Credit Information CEO Cho Soon-ok was also named to lead the company for another year after proving her ability in diversifying the firm's business areas and building a foundation for its sustainable growth by streamlining its organizational structure.

But KB decided to shift leadership of KB Data Systems to enhance responsiveness in the group's ongoing digital transformation. The group recommended Kim Myung-won as the affiliate's president. Kim has diverse experiences in handling IT-related businesses for KB's affiliates. He is currently the senior vice president of KB Kookmin Card's IT service group.

"We have comprehensively taken into account whether the candidates can respond to the changing market environment and exude innovative leadership," a KB spokesman said. "We expect them to help overcome the turbulent challenges prevalent in the market and contribute to tightening KB's footing as the nation's leading financial group."