KT CEO Koo Hyun-mo Declines Reappointment... Attends MWC (Update)

108 Days After Officially Expressing Intent to Seek Re-election

[Asia Economy Reporter Lim Hye-sun] KT CEO Koo Hyun-mo has decided not to pursue a second term. This comes 108 days after he officially expressed his intention to seek reappointment.

On the 23rd, KT announced, "CEO Koo Hyun-mo has informed the board of directors of his intention to withdraw from the pool of candidates for the next CEO." The board accepted Koo's decision and decided to exclude him from the internal candidates for the next CEO position. The ongoing selection process for the next CEO will continue as planned. The board will conduct a review of the 33 candidates excluding CEO Koo. Koo Hyun-mo is expected to conclude his tenure as KT CEO after the regular shareholders' meeting in March.

CEO Koo announced his intention to seek reappointment in November last year. In December, the board resolved to officially recommend Koo as the next CEO candidate. However, the National Pension Service raised concerns about transparency and fairness, expressing opposition. Recently, when President Yoon Suk-yeol stated during a Financial Services Commission briefing that "the stewardship code should operate in companies with dispersed ownership," KT nullified the previous resolution. The board returned to square one and changed the CEO selection process to an open competition. It is believed that strong political pressure and the stress of ongoing prosecution investigations influenced Koo's decision.

CEO Koo plans to attend the Mobile World Congress (MWC), the world's largest mobile exhibition, held in Barcelona, Spain, at the end of this month.