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KB Kookmin Bank's incoming CEO to add individual element to incentive scheme

Hur Yin, the incoming CEO and president at KB Kookmin Bank, plans to implement an individual performance-based incentive program at the lender after taking office, the Seoul Economic Daily reported Oct. 15.

Under the new incentive scheme, employees' incentive payouts will partly reflect their individual efforts, compared to the current system, where bonuses are paid out depending on the performance of departments and branches.

Hur was recently nominated by the board at parent company KB Financial Group Inc. to take over at the lender.

Further, Hur said that he has no intention to shut branches for the time being. Instead, bank branches will be integrated further with online channels in order to increase efficiency.

The incoming CEO's term begins Nov. 21, subject to shareholder approval.