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The Korea Herald
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THE INVESTOR
March 29, 2024

Mobile & Internet

KT CEO likely to get extension for 2nd term

  • PUBLISHED :January 26, 2017 - 16:36
  • UPDATED :January 26, 2017 - 16:36
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[THE INVESTOR] A committee to recommend a CEO candidate at telecommunications firm KT decided on Jan. 26 to extend the term of sitting CEO Hwang Chang-gyu.

If the committee’s decision is finally approved at the shareholders meeting scheduled in March, Hwang will lead the telecom firm for the next three years.




The current CEO, who took the helm of the largest telecom company in 2014, has been criticized for his alleged involvement in the recent presidential scandal surrounding President Park Geun-hye and her confidante Choi Soon-sil.

He was accused of hiring Choi’s close aides and signing contracts with her advertisement firm in a bid to receive political and business favors.

The reviewing session by the recommendation committee to choose the CEO candidate, which started on Jan. 4, took longer than usual this time, indicating the decision was not easy.

KT, which slipped into the red in 2014, posted an operating profit of 1.29 trillion won (US$1.12 billion) in 2015 after a series of restructuring schemes, including massive layoffs, led by Hwang.

The firm’s operating profit is forecast to reach above 1 trillion won in 2016. The company is slated to announce its earnings for the last three months in 2016 on Feb. 1.

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

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