KB Financial Group has entered the process of selecting its next chair. The chair nomination committee plans to improve transparency and fairness in the succession process by extending the candidate verification period to more than 3 months and giving external candidates about 2 months to prepare for interviews.

KB Financial's chair nomination committee said on Monday it has launched the management succession process to select the next chair. The committee plans to hold at least three meetings and confirm a single final candidate for the next chair on Sept. 11.

The committee on Monday approved detailed rules for the chair nomination process and narrowed the existing long list of 20 to 12. The reduced candidate pool includes 6 internal and 6 external candidates.

The committee had previously held two meetings in April to draw up and disclose detailed criteria for chair eligibility, and confirmed the long list of 20 as of the first half of 2026. It then discussed the succession process in advance through meetings among committee members, and held a shareholder meeting on May 15 to hear views on the qualities and capabilities needed for the next chair and on the succession process.

The process was implemented more than 1 month earlier than in 2023. The current chair's term runs until Nov. 20, and the committee decided to launch the process 5 months before the end of the term and allow about 3 months until the final candidate is selected. The move is aimed at securing more time for candidate evaluation and verification.

It also supplemented competitive conditions for external candidates. The committee said it will keep measures it has previously operated, including in-depth reputation checks, provision of internal information to external candidates, two interview opportunities, and longer interview time than for internal candidates. It will also provide about 2 months of preparation time from the selection of the shortlist to the actual interviews, and newly arrange advance meetings between committee members and external candidates.

The committee plans to hold a meeting on July 3 and select 6 first-round shortlist candidates from the 12 reduced long-list candidates. After about 2 months of preparation time, it will conduct first-round interviews and screening on Aug. 27 and cut the candidate pool to 3. It will also guarantee anonymity if an external candidate on the shortlist does not want their name disclosed.

On Sept. 11, it will conduct second-round interviews and in-depth evaluations of the three candidates, then confirm a single final candidate through a vote. If the final candidate passes qualification verification under relevant laws and regulations, the candidate will go through the committee and board recommendation process on Oct. 2. The candidate is then expected to be appointed as the next chair at an extraordinary general meeting of shareholders scheduled for November.

Hwa-joon Cho (조화준), chair of the nomination committee, said it will proceed transparently and fairly as part of efforts to advance corporate governance in the financial sector. He said the committee will work to ensure the appointment of the best candidate who can enhance KB Financial's shareholder value and lead sustainable growth.