KB Financial Group named Lee Jae-keun, its chief business officer overseeing global, wealth management and corporate finance, as the final candidate to succeed Chairman Yang Jong-hee. The decision ended expectations that Yang would secure a second term after leading strong earnings. Lee previously served as CEO of KB Kookmin Bank from January 2022 through December 2024 and has experience across banking and nonbanking businesses. His appointment requires approval at an extraordinary shareholder meeting scheduled for Nov. 20, the day Yang’s term ends, and his term will run for three years. The selection comes as financial regulators push to curb lengthy tenures for financial holding company chairmen and consider reforms to strengthen board independence and make succession processes more transparent.