April 28, 2024

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(KT&G)

Shareholders of KT&G, South Korea's dominant cigarette maker, were set to vote on whether to approve the nomination of a new chief executive Thursday.

Endorsing a new chief executive, which would mark KT&G's first leadership change in nine years, and an outside director are the two main agenda items at the company's annual shareholder meeting.

Last month, KT&G nominated Bang Kyung-man, a senior executive vice president who has served in various capacities at the company since 1998, to be the new CEO.

The state-run Industrial Bank of Korea (IBK), which held a 7.11 percent stake in KT&G as of the end of last year, has opposed the nomination, citing falling profitability and dubious business practices during Bang's tenure as a board member.

The National Pension Fund (NPF), which holds a 6.64 percent stake in KT&G, however, has decided to vote in favor of Bang.

Additionally, both IBK and the NPF have thrown their support behind former Judge Sohn Dong-hwan as the new outside director of the cigarette maker. (Yonhap)