KB Financial Group picked banking expert Kwon Seon-joo as its board chair, making her the first woman to serve in the role.

The decision was approved at a board meeting on Friday.

With over 30 years of experience in the financial industry, Kwon served as the CEO of the Industrial Bank of Korea from 2013 to 2016. She was the first woman to take the top position at a local bank.

She joined KB Financial Group's board as an outside director in 2020. Kwon currently serves as the head of Women Corporate Directors Korea.

According to the group, Kwon's appointment is expected to enhance its governance and advance its inclusivity agenda, aligning with the group’s long-term strategy, which it has labeled KB Diversity 2027.

In promoting gender diversity, KB Financial Group has been proactive, boasting the largest representation of women in the financial sector here last year, with three female members out of the seven on its outside board.

In addition to the appointment of a new chair of the board, the general meeting renewed the terms of other outside directors Oh Gyu-taeg and Choi Jae-hong. The group also welcomed Lee Myong-hwal, a senior research fellow from the Korea Institute of Finance, as a new outside director to further enrich its expertise.