KB Financial replaces 3 outside directors

Move part of government-initiated reform to separate the board of directors of finance companies from management.

KB Financial Group replaced three outside directors in a shareholders' meeting at the headquarters of Kookmin Bank in Seoul, Friday, joining in the industry-wide move to overhaul their board rooms.

Former Industrial Bank of Korea CEO Lee Kyung-jae, EZ Digital CEO Lee Young-nam and Sookmyung Women's University Professor Koh Seung-hee were appointed as new outside directors of the group. Jacques Kemp, former ING Asia-Pacific CEO, was reappointed as an outside director.

Among them, Lee Kyung-jae was appointed as chairman of the board of directors. Lee had served several key economic posts, such as CEO of Industrial Bank of Korea, chief executive of Korea Financial Telecommunication & Clearings Institute and an auditor at the Bank of Korea.

``I feel honored to be appointed a board chairman of KB. I will help KB to retain its vitality again,'' Lee said.

View the full story in Korea Times.