"Park Jong-wook Acting Chief's Dominant Role in Governance Reform Is Overreach...Related Regulations Must Be Presented"

KT Building Exterior View

There are opinions that Park Jong-wook, the acting CEO of KT who is stepping in to fill the management vacuum, is overstepping his authority by attempting to normalize management.

On the 7th, the K-Business Research Forum announced that it has sent a public inquiry letter to Acting CEO Park, stating that discussions on governance improvement led by him carry a high risk of illegality.

The forum explained the background, saying, "Together with KT minority shareholders active in the forum, we sent the inquiry letter due to the confusion caused by the prolonged management vacuum, which is damaging corporate value and exacerbating difficulties for partner companies."

The forum added, "According to legal advice, the prevailing opinion is that the duties and authority of an acting CEO are generally limited to routine affairs under the Commercial Act and other regulations," and pointed out, "Acting CEO Park should focus on normalizing management rather than undertaking governance improvements that exceed his authority, carry a high risk of illegality, and have a significant impact on corporate management."

Through the inquiry letter, the forum asked whether Acting CEO Park has any legal basis, such as laws, articles of incorporation, or company regulations, to form a task force and perform duties related to governance improvement. They also requested answers regarding why the emergency management system could take up to five months and what measures are in place to protect partner companies from the management vacuum.

Han Young-do, a professor in the Department of Global Business at Sangmyung University and the chairperson of the research forum, is a former KT executive. Professor Han requested that Acting CEO Park respond to this inquiry by the 12th.

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