Kim Nam-ho, vice president of the DB Financial Research Institute, was appointed as the group's chairman.
DB Group said on July 1, "Chairman Lee Keun-young, who has been the chairman of the group, has resigned, and Kim Nam-ho, vice president of the DB Financial Research Institute, has been appointed as the new chairman of the group and held an inauguration ceremony."
The new chairman, Kim Nam-ho, will also serve as chairman of the board of directors of DB Inc., the de facto holding company of the group's manufacturing service division, after a regular shareholders' meeting early next year.
Kim is the eldest son of former DB Group founder Kim Joon-ki and the largest shareholder of DB Insurance (9.01 percent) and DB Inc. (16.83 percent). DB Insurance controls DB Life Insurance, DB Financial Investment and DB Capital, and DB Inc. controls DB HiTek and DB Metal.
Chairman Kim Nam-ho has not only secured the largest shareholder status of affiliates at the peak of the group's governance structure since the early 2000s, but has also been preparing to lead the group's management by assisting former Chairman Lee Keun-young after Kim Joon-ki's retirement.
The appointment of Kim Nam-ho followed Lee Geun-young's retirement. Lee has repeatedly expressed his intention to step down from his post as his physical burden has increased due to his recent old age.
In late June, Chairman Lee made his intention to retire officially at a group management council attended by the group's chairman and presidents of affiliates, and reportedly expressed his intention to let the largest shareholder, Vice President Kim Nam-ho, take the lead in management in order to strongly cope with the unprecedented economic crisis caused by the COVID-19.
Chairman Kim Nam-ho said in his inauguration speech, "I feel a heavy responsibility and mission to take over the important position at a time when the domestic and foreign economies are in crisis," and vowed that "I will make every effort to make DB a 'sustaining company' that can overcome any environmental changes in the future."
Chairman Kim asked each company's executives and employees to build digital convergence and strengthen their on-tact business capabilities in all areas, including product planning, production, sales and customer service, in preparation for the post-COVID-19 era.
