Lee Jae-geun (이재근), a division head at KB Financial Holdings, was selected as the final candidate for the next chairman of KB Financial Holdings. Incumbent KB Financial chairman Yang Jong-hee (양종희) failed to secure a second term.

KB Financial Holdings’ Chairman Candidate Recommendation Committee said on Thursday it selected Lee as the final candidate for the next chairman.

The committee narrowed the shortlist on Aug. 27 to three candidates: former Woori Bank chief Kwon Kwang-seok (권광석), KB Financial chairman Yang and Lee.

On Thursday, the committee conducted in-depth interviews with the three candidates, lasting two hours for each.

Committee members assessed candidates based on five items and 25 detailed criteria, including work experience and expertise, leadership, ethics, sharing KB Financial Group’s vision and values, and efforts toward sound management in the short and long term.

After a final vote, it selected Lee as the right person for the next chairman. The committee said it judged Lee to be the right person to lead KB Financial’s efforts to strengthen future competitiveness and achieve sustainable growth.

Lee is expected to undergo a review of executive qualification requirements under relevant laws and regulations and then be appointed CEO and chairman at an extraordinary general meeting of shareholders scheduled for Nov. 20.