Enforcement Date of the Medium-sized Enterprise Act... KT Transitions to Dual CEO System with Ku Hyun-mo and Park Jong-wook (Comprehensive)

From Sole CEO Koo Hyun-mo to Dual Co-CEO System
Park Jong-wook CSO Oversees Safety and Health Operations

[Image source=Yonhap News]

[Asia Economy Reporter Cha Min-young] KT announced on the 27th that it has appointed Park Jong-wook, head of the Management Planning Division, as Chief Safety Officer (CSO) responsible for overseeing safety and health operations. Accordingly, KT will transition from the existing CEO Koo Hyun-mo system to a dual CEO system with Koo Hyun-mo and Park Jong-wook serving as co-CEOs.

President Park Jong-wook, born in 1962, graduated from Chonnam National University and has held positions such as Head of IT Strategy at KT's IT Division, Head of Strategic Planning in the Management Planning Division, and Head of the Management Planning Division. His term as CEO is effective from today until the upcoming regular shareholders' meeting this year.

In this regard, KT explained, "We appointed the new CEO Park to establish an independent and specialized management system in the field of safety and health."

Jongwook Park, CEO (Chief Safety Officer, CSO) of KT

On the same day (27th), in preparation for potential workplace accidents following the enforcement of the Serious Accidents Punishment Act, KT is interpreted to have taken preemptive measures. Prior to the enforcement of the Act, KT established a Safety Enhancement Council and strengthened its safety management system based on 32 safety-first tasks.

According to an investigation by the Ministry of Employment and Labor, among the three major telecommunications companies over the past five years (2016?2020), KT had the highest number of industrial accident fatalities. Of the total 26 deaths, 20 (76.9%) occurred during projects commissioned by KT. LG Uplus had 4 fatalities, and SK Telecom had 2.

Im Joo-hwan, Honorary President of the Korea Communications Association, stated, "With the enforcement of the Serious Accidents Punishment Act, the responsibility of the primary contractor increases when an accident occurs, and this appears to be an effort by the company to demonstrate that it is fulfilling its responsibilities. It is expected that the burden related to safety and accident incidents will increase across the telecommunications industry, including telecommunications construction companies."