April 26, 2024

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[THE INVESTOR] South Korean telecom operator KT said on Jan. 4 that it has formed a committee to vet candidates to appoint a new chief executive.

The committee consists of the firm’s seven outside directors and one internal director. 

KT CEO Hwang Chang-gyu

The eight-member committee has requested the sitting CEO Hwang Chang-gyu to intimate them whether he seeks to serve a second term by Jan. 6.

Having taken the helm of the company in January 2014, the KT CEO has been focusing on streamlining the firm’s business structure and finding new growth engines, such as connected technologies and a multimedia platform business.

If Hwang seeks to continue in his position for another three-year term, the committee will launch a reviewing session to make a decision.

If he refuses to continue, or fails to pass the committee’s reviewing process, the board will launch a process to appoint a new CEO.

The nomination of a new CEO will be put to a vote at a shareholders meeting in March.

By Kim Young-won (wone0102@heraldcorp.com)