Lee Jae-keun, head of the KB Financial business division, has been recommended as the candidate for the next chairman of KB Financial Group.

Current Chairman Yang Jong-hee's bid for a consecutive term has fallen through.

The Chairman Recommendation Committee (hereinafter referred to as the CRC) of KB Financial Group held a meeting on the afternoon of the 11th and made a surprise decision to recommend Division Head Lee as the next chairman candidate.

Given that Chairman Yang's chances of reappointment were widely expected to be high, the industry is reacting to this result as an upset.

The CRC narrowed down the candidate pool to three people—including Division Head Lee, Chairman Yang, and former Woori Bank President Kwon Kwang-seok—through an initial in-depth interview on August 27.

Following a second in-depth interview today to verify each candidate's management vision and business plans, the committee finalized Division Head Lee as the ultimate candidate after deliberate discussion.

Division Head Lee is scheduled to be officially appointed as chairman through recommendations by the CRC and the board of directors on October 2, followed by an extraordinary shareholders meeting on November 20.

His term as chairman will last for three years, beginning on November 21.

(Photo: Yonhap News)