KB Financial Group selected Lee Jae-geun as its next chairman candidate, ending Chairman Yang Jong-hee’s reappointment bid despite record earnings, a stronger non-bank portfolio and expanded shareholder returns. The seven-member Chairman Nomination Committee, made up entirely of outside directors, recognized Yang’s performance but concluded that he had not presented an adequate medium- to long-term vision. It said generational renewal and bolder change were needed to strengthen competitiveness and secure future growth drivers. The decision has renewed debate over the influence of KB’s independent directors, whose past interventions included blocking the proposed acquisition of ING Life Korea in 2011. Lee has said he will maintain KB’s strategic direction while accelerating generative AI adoption, strengthening capital-markets capabilities and building a decentralized organization. The transition comes as 54 affiliate CEO terms across five major South Korean financial groups expire by year-end.