'Half-hearted' New Year's Meeting of Broadcasting and Communications Industry... CEOs of the Three Major Telecom Companies Absent

SKT Yoo Young-sang Absent Due to Davos Forum Attendance.
KT Koo Hyun-mo and LG U+ Hwang Hyun-sik Notify Absence Due to 'Management Schedule'.

[Asia Economy Reporter Kang Nahum] The 'Broadcasting and Telecommunications New Year's Gathering,' a meeting where domestic broadcasting and telecommunications professionals come together to pledge unity and development for the new year, will be held this year as a 'half event.' This is because all CEOs of the three major telecom companies will be absent.

On the 18th at 4 PM, the '2023 Broadcasting and Telecommunications New Year's Gathering' will take place at the Grand Ballroom of the 63 Concession Center. This event is overseen by the Korea Information and Communication Promotion Association and co-hosted by 21 organizations, including the Korea Telecommunications Operators Association and the Korea Radio Promotion Association.

In previous years, the CEOs of the three major telecom companies attended this event as heads of related organizations. However, none will attend this year. First, Yoo Young-sang, CEO of SK Telecom and chairman of the Korea Information and Communication Promotion Association, will not attend the gathering as he will be participating in the Davos Forum held in Switzerland.

Ko Hyun-mo, CEO of KT, who concurrently serves as chairman of the Korea Telecommunications Operators Association, and Hwang Hyun-sik, CEO of LG Uplus, who also holds the chairmanship of the Korea Radio Promotion Association, have announced their absence from the gathering citing 'business-related schedules.'

Yu Young-sang, CEO of SK Telecom (from left), Koo Hyun-mo, CEO of KT, and Hwang Hyun-sik, CEO of LG Uplus, are entering the meeting room for a roundtable discussion between the Minister of Science and ICT and the CEOs of the three major telecommunications companies, held on the 11th at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul.

These CEOs also did not attend the 'Scientists and Information Broadcasting and Telecommunications New Year's Gathering' held on the 10th at the National Gwacheon Science Museum. The president attended for the first time in seven years, and except for the 2021 and 2022 events held virtually, this was the first time the CEOs of the three telecom companies did not attend, which was considered unusual at the time.

Especially since significant issues such as the mid-tier pricing plan and the cancellation of the 28GHz bandwidth for 5G mobile networks are currently affecting the telecommunications industry, many expected these CEOs to take their seats at the head table and exchange opinions at this year's New Year's Gathering.

Some speculate that the CEOs are avoiding public appearances due to negative factors and controversies surrounding their companies. In the case of CEO Ko, he is in conflict with the National Pension Service, the largest shareholder of KT, regarding his reappointment as CEO. Seo Won-joo, Chief Investment Officer (CIO) of the National Pension Fund Management Headquarters, expressed that the KT board's decision to recommend Ko as the sole CEO candidate "does not comply with the basic principles of a competitive election," signaling an intention to exercise the stewardship code (fiduciary responsibility). A shareholder vote battle appears inevitable.

CEO Hwang is currently facing difficulties due to a large-scale customer personal information leak incident at his company. So far, 180,000 cases have been confirmed. Authorities, including the Personal Information Protection Commission, are investigating, suspecting that more leaks may have occurred.

However, representatives from these companies have cautioned against overinterpretation, stating, "They are unable to attend due to important business schedules, and there is no other political meaning."

Meanwhile, Han Sang-hyuk, chairman of the Korea Communications Commission, who is reportedly under de facto pressure to resign from the government, is expected to attend this New Year's Gathering. A KCC official said, "The chairman has consistently attended the Broadcasting and Telecommunications New Year's Gathering. There is no special reason for him not to attend this year."