[Asia Economy Reporter Ryu Tae-min] It has been confirmed that Lee Kang-cheol, an outside director of KT who was appointed during the Moon Jae-in administration and previously served as a senior secretary in the Participatory Government, has expressed his intention to resign.
According to industry sources on the 5th, Lee, who served as the Senior Secretary for Civil Society at the Presidential Secretariat during the Participatory Government, recently expressed his intention to resign from the KT board. Accordingly, the resignation process is expected to proceed.
According to the securities report disclosed by KT, Lee attended the board meetings on the 13th of last month, when CEO Koo Hyun-mo was evaluated as eligible for reappointment, and on the 28th, when Koo was finalized as the sole candidate, casting his vote in favor on both occasions.
Within the industry, Lee’s resignation is interpreted as a response to the National Pension Service (NPS), KT’s largest shareholder, publicly expressing opposition to Koo’s selection as the sole next candidate. The NPS, which held a 10.35% stake, announced on the 2nd that its stake in KT had decreased to 9.99%.
Meanwhile, the Korean Confederation of Trade Unions, the Network for Reform of Chaebols and Economic Democratization, and People’s Solidarity for Participatory Democracy issued a statement on the same day, arguing that "Koo’s attempt at reappointment is inappropriate as he is currently on trial for embezzlement and violations of the Political Funds Act, and the National Pension Service must actively engage in shareholder activism."
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