Kim Young-seop Appointed as KT CEO... Shareholders Urge "Increase Corporate Value" "Hope for a New Starting Point" (Update)

Temporary General Meeting on the 30th Smoothly Approves CEO Appointment
"Request for Cartel Restructuring" Also Raised
"Establishing a Sustainable Growth Foundation... Enhancing Corporate Value"

"I will approve the agenda by applause." (Park Jong-wook, Acting CEO of KT)

Kim Young-seop, the newly appointed CEO of KT, has passed the shareholder meeting hurdle and officially became the head of the KT Group. On the 30th, KT held the 2023 2nd Extraordinary General Meeting of Shareholders at the KT Research and Development Center in Seocho-gu, Seoul, and appointed former LG CNS CEO Kim Young-seop as the new CEO.

Kim Young-seop, the new CEO of KT, is giving a greeting at the shareholders' meeting on the 30th.
[Photo by Oh Su-yeon]

In June, KT raised the voting criteria for appointing a CEO at the 1st Extraordinary General Meeting of Shareholders from 25% of total issued shares and 50% of attending shareholders' voting rights to 25% of total issued shares and 60% of attending shareholders' voting rights.

Although the requirements became stricter, CEO Kim was smoothly appointed with support from major shareholders including the largest shareholder, the National Pension Service (holding 7.99% as of June 30), and individual shareholders. When Park Jong-wook, Acting CEO of KT, encouraged approving the new CEO appointment agenda by applause, many shareholders expressed their approval with applause.

Shareholders attending the meeting expressed their expectations by supporting the CEO appointment agenda. One individual shareholder said, "Looking at Kim Young-seop’s career and reasons for recommendation, he is well-versed in telecommunications and has extensive experience in the IT industry, making him the optimal candidate for the next CEO." He added, "I hope this occasion marks a new starting point where governance issues are resolved and KT can focus on growth under the new leadership."

Shareholder Bae Yong-hwan praised the new CEO, saying, "He has comprehensive capabilities in finance and business as a former CFO and business division head. He achieved significant growth during his long tenure as LG CNS CEO." He added, "As all KT shareholders hope, I wish him to lead substantial growth and pay attention to shareholder return policies to raise KT’s undervalued corporate value."

There were also calls for improvements in governance. Another individual shareholder said, "Kim did not mention how he plans to manage KT after joining," and added, "He is said to be a restructuring expert, so restructuring the cartel must be done."

Kim Mi-young, Chairwoman of the KT New Union, questioned CEO Kim about how he would deal with the previously revealed irregularities, illegalities, and whether he is willing to find answers on-site. In response, Acting CEO Park said, "There will be an opportunity to speak at an appropriate time," and wrapped up the situation.

After the agenda passed, CEO Kim said in his greeting, "Through KT Group’s top-level network infrastructure, technological capabilities, and business competencies in Korea, I will do my best to build a sustainable growth foundation and enhance corporate value."

The following agenda items also passed smoothly with shareholder support. Seo Chang-seok, Head of KT Network Division (Vice President), was appointed as the new inside director. Director Seo is an expert in KT’s wired and wireless communication fields, leading stable wired and wireless network infrastructure construction, operation, and competitiveness enhancement. Additionally, the approval of the management contract and amendments to the executive retirement pay regulations were passed as originally proposed.

After the shareholder meeting, CEO Kim will move to the KT Bundang office to hold an inauguration ceremony and meet with employees.

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