[COVER STORY] KB leadership change raises prospect of generational shift across financial sector

KB Financial Group’s surprise decision to choose Vice Chairman Lee Jae-keun as its next leader instead of extending incumbent Chairman Yang Jong-hee’s term is expected to trigger a sweeping overhaul of its subsidiaries’ management, industry officials said Monday. The move has also fueled speculation over whether the push for generational change will spread to other major financial holding companies. With 54 subsidiary CEOs across the country’s five major financial groups facing term expirations by the end of this year, a major wave of executive reshuffles is expected. On Friday, KB Financial’s chairman recommendation committee officially nominated Lee as the final candidate for the chairmanship. Because Yang was widely anticipated to secure a second term following record-breaking financial results, market observers view the outcome as a dramatic leadership shift. Yang was born in 1961, while Lee was born in 1966, making the latter five years younger. Explaining its rationale, the committee noted, “This is a critical juncture to execute bold institutional reforms and generati