KB Kookmin Bank initiated the process to appoint a new outside director after Moon Soo-bok recently resigned for personal reasons, reducing the board from eight to seven members. Moon, a KAIST Computer Science professor who joined the board in March 2022, stepped down despite having significant remaining tenure following his reappointment in March. The bank moved immediately to fill the vacancy to ensure smooth operation of its seven board committees, most of which are composed primarily of outside directors.
KB Kookmin Bank Board Reduced to Seven Members
According to financial sector sources on the 14th, KB Kookmin Bank's board changed from an eight-member to a seven-member structure following Moon's resignation. The change occurred approximately three months after the board composition was finalized at the shareholders' meeting in March.
Moon, who has served on KB Kookmin Bank's board since March 2022, was reappointed in 2024 and again in March. He recently accepted appointment as head of the National Strategy Research Division at the National Research Foundation of Korea.
The current board comprises three inside directors and four outside directors. Under the bank's articles of incorporation, the board must maintain at least three outside directors who constitute a majority of total directors. The current structure meets these requirements.
Bank Launches Outside Director Candidate Selection Process
KB Kookmin Bank immediately began the new outside director appointment procedure. The bank's Outside Director Nomination Committee, a subcommittee within the board, will compile a shortlist and recommend final candidates. KB Financial Group, the majority shareholder holding 100% of shares, ensures that candidates presented at the shareholders' meeting pass without difficulty.
"We are proceeding with the process to appoint an outside director," a KB Kookmin Bank official stated. "No specific candidate has been determined yet."
Committee Operations Drive Appointment Decision
The bank operates seven committees under its board: Audit Committee, Risk Management Committee, Evaluation and Compensation Committee, Internal Control Committee, Outside Director Nomination Committee, Audit Committee Member Nomination Committee, and Bank President Nomination Committee. Three committees consist of all outside directors, two committees comprise three outside directors each, and outside directors form the core of the remaining committees.
The board chairman and all committee chairs are outside directors, reflecting the organizational structure designed to strengthen board independence and transparency. Multiple committee memberships are common, with each director serving on at least three committees. Moon held positions as Evaluation and Compensation Committee chair, Audit Committee member, Outside Director Nomination Committee member, and Bank President Nomination Committee member until the shareholders' meeting in March.
CEO Lee Hwan-joo's term expires this year, making the Bank President Nomination Committee's activities particularly significant. The committee includes all outside directors, and maintaining the existing number of five members supports smooth operations.
FAQ
Why did KB Kookmin Bank begin appointing a new outside director immediately after Moon Soo-bok's resignation?
The bank initiated the appointment process to ensure smooth operation of its seven board committees, most of which are composed primarily of outside directors. While the current seven-member board (three inside directors, four outside directors) meets regulatory requirements, additional personnel prevent excessive concurrent positions and potential disruptions to committee operations.
What committees does KB Kookmin Bank operate under its board?
KB Kookmin Bank operates seven committees: Audit Committee, Risk Management Committee, Evaluation and Compensation Committee, Internal Control Committee, Outside Director Nomination Committee, Audit Committee Member Nomination Committee, and Bank President Nomination Committee. Three committees consist of all outside directors, two comprise three outside directors each, and outside directors form the core of remaining committees.
