KT Next CEO Election Flowing Toward a Pre-Election Scenario
KT CEO Koo Hyun-mo's gambit ended in failure. The next CEO of KT, which leads 50 subsidiaries, will be chosen from 33 candidates. The final candidate list will be announced in 4 days, on the 28th. With Koo, who led KT for three years, announcing his intention to withdraw from the race, the election appears to be heading into a tight contest.
Former Minister of Commerce, Industry and Energy Yoon Jin-sik (left), former KTF Vice President Kim Ki-yeol
A Leading External Candidate, Who Could It Be?
"Isn't there already a candidate endorsed by the Blue House?" This is a self-deprecating response from a veteran executive in the telecommunications industry. Candidates with direct ties to President Yoon Seok-yeol include former KTF Vice President Kim Ki-yeol (68), Kim Sung-tae, advisory member of the Presidential Digital Platform Government Committee (70), and former Minister of Industry and Resources Yoon Jin-sik (78). Kim Ki-yeol was active in President Yoon's campaign. As a KT old boy (OB), Kim held positions such as head of the Talent Development Center, director of the Telecommunications Network Facilities Division, head of the Management Research Institute, and eventually served as KTF Vice President. Kim Sung-tae served as an IT special advisor during Yoon Seok-yeol's campaign. Yoon Jin-sik, who passed the 12th administrative examination, also served as a special advisor to the Presidential Transition Committee of President Yoon. Yoon previously served as the first Chief of Staff to former President Lee Myung-bak.
Among ruling party figures, former Deputy Minister of the Ministry of Science, ICT and Future Planning Yoon Jong-rok is also a notable figure. During the Park Geun-hye administration, Yoon advocated for the creative economy and led KT's new growth businesses such as Internet TV (IPTV) and robotics during his tenure at KT. Park Yoon-young, former head of KT's Enterprise Division (President, 62), who was shortlisted three years ago alongside CEO Koo Hyun-mo, is also considered to have proven management capabilities.
An Unexpected Dark Horse, Internal Candidates
KT veterans unanimously say, "We need to produce a CEO from within." This is because it can reduce risks in terms of business continuity. KT's business scope has expanded beyond telecommunications to include artificial intelligence (AI), cloud, metaverse, and content. Flexible organizational management and management expertise capable of expanding the business globally are also essential.
The most likely internal candidates are Yoon Kyung-rim, Head of the Transformation Division (President, 60), and Kang Guk-hyun, Head of the Customer Division (President, 60). Yoon previously served as head of the Future Convergence Business Promotion Office and head of the Global Business Division before moving to Hyundai Motor Company in 2019 to lead the mobility business. He returned to KT in 2021 and is currently working to create synergy among group subsidiaries. Kang's strength lies in his diverse experience in wired and wireless communications.
KT's board will narrow down the interviewees from 33 candidates to about 8. Currently, a selection advisory group composed of experts in economics and management, leadership, investment, law, and future industries is conducting candidate verification to ensure a fair evaluation. When appointing the CEO in 2019, KT selected 9 candidates out of 27 internal and external CEO candidates for interviews. The board will finalize one candidate as the CEO on the 7th of next month. The selected candidate will be appointed as CEO after a shareholder vote at KT's regular shareholders' meeting scheduled for the end of next month. The new CEO's term will be from March 2023 to March 2026.
Meanwhile, CEO Koo Hyun-mo will continue to serve until his term ends next month. He will depart on the 24th to attend the Mobile World Congress (MWC), the world's largest mobile exhibition held in Barcelona, Spain. CEO Koo is credited with successfully transforming KT from a telecommunications company into a digital platform company. Last year, KT surpassed annual sales of 25 trillion won for the first time since its listing in 1988. The stock price has also risen more than 60% since CEO Koo took office.
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