KB Financial Board Dismisses Chairman After Suspension
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KB Financial Group Inc.’s board dismissed the company’s top executive after he refused to step down following his suspension by South Korean regulators.
The board of the nation’s second-largest financial group by market value agreed to remove Lim Young Rok, 59, from his chairman and chief executive officer posts at a meeting late yesterday, Seoul-based KB Financial said in a statement. His dismissal will take effect immediately to ensure “early stabilization and business normalization,” it said.