KT Board Confirms CEO Koo Hyun-mo as Final Candidate (Update)

Koo Hyun-mo, CEO of KT. Photo by KT

[Asia Economy Reporter Cha Min-young] KT announced on the 28th that its board of directors has decided to recommend current KT CEO Koo Hyun-mo as the final candidate for the next shareholders' meeting.

The KT CEO Candidate Review Committee conducted five rounds of priority review for Koo Hyun-mo's reappointment and reported the result of "qualified for reappointment" to the KT board on the 13th. However, as major shareholders raised concerns about the governance of a widely held company, the KT board accepted Koo's request and switched the final candidate selection to a multiple-candidate review method.

The KT Governance Committee conducted evaluations on a total of 27 internal and external candidates. The candidates included 14 external members and 13 internal candidates verified through the internal successor development program.

After seven rounds of review, the KT CEO Candidate Review Committee confirmed Koo Hyun-mo as the final candidate for the next CEO on this day. The committee highly evaluated him for ▲being expected to surpass 16 trillion won in service revenue for the first time in history ▲increasing corporate value with a 90% rise in stock price as of the end of November compared to the time of appointment ▲leading a dramatic transformation from a telecommunications business to a digital platform company through bold business portfolio restructuring and successful 'Digico (digital platform company)' transition ▲driving overall KT Group's change and innovation through strategic alliances with global leading companies and improvements in group business structure and corporate image ▲being recognized by external organizations for promoting top-level ESG (environmental, social, and governance) management in Korea through eco-friendly management, fulfillment of social responsibilities, and strengthening compliance systems ▲and demonstrating outstanding business performance and shareholder value growth. KT also stated that opinions from domestic and international investors and stakeholders were heard.

The KT CEO Candidate Review Committee also examined the future growth vision of the candidates. After interviews and other assessments, Koo was evaluated as the right person to lead KT's sustainable growth due to ▲preparing growth strategies and concrete execution plans to accelerate the Digico transition ▲presenting clear profit enhancement measures such as innovation in telecommunications (Telco) and B2B business structures and outsourcing improvements ▲and having a firm commitment to organizational operation system innovation suitable for the digital era, securing excellent talent, and nurturing next-generation leaders to lead KT's future.

Regarding legal issues related to Koo Hyun-mo, the KT board reviewed the CEO qualification requirements and judged that there is no problem in performing the next CEO role considering the director qualification requirements in the articles of incorporation and related regulations. Additionally, the board requested thorough preparation for the "establishment of governance standards and principles" requested by major shareholders to firmly position KT as a model company with the highest level of governance in Korea.

Meanwhile, Koo Hyun-mo, who has been nominated as KT's next CEO candidate, is scheduled to be finally appointed through the regular shareholders' meeting resolution process in March 2023.

This content was produced with the assistance of AI translation services.