[KT CEO Candidate] ③ Park Yoon-young, a Veteran KT Man with 30 Years of Experience... Expected to Excel in New Businesses

Pursuing Creative and Challenging Projects Recognized by Industry
Introducing 5G Technology to Hyundai Heavy Industries and Samsung Seoul Hospital
KT Lays Foundation for Growth Engine in Digital Transformation Sector

Editor's NoteThe fateful week to decide the head of KT Group, with annual sales of 25 trillion won, has begun. KT is conducting in-depth interviews with three candidates earlier this month. They are Kim Young-seop, former CEO of LG CNS; Park Yoon-young, former head of KT's Enterprise Division (President); and Professor Cha Sang-gyun of Seoul National University. After the interviews, if a single CEO candidate is recommended without any issues, an extraordinary shareholders' meeting will be held. Approval of the CEO requires a special resolution at the shareholders' meeting, with more than 60% of the shares present voting in favor. This article provides an in-depth introduction to the three KT candidates, a company of national importance.

Park Yoon-young, former head of KT's Enterprise Division (President), is the only authentic KT insider among the three candidates competing for KT's CEO position. Having been with the KT Group for over 30 years, he has made a name for himself as an expert in non-telecom areas such as B2B (business-to-business). He is credited with contributing to the activation of digital innovation for corporate clients and enhancing their competitiveness.

Yunyoung Park, Former Head of KT Enterprise Division

Third Attempt... Expert in Non-Telecom Sector

Born in Seoul in 1962, Park graduated from Seoul National University with a degree in Civil Engineering and earned his master's and doctoral degrees from the same university's graduate school. He joined Korea Telecom, the predecessor of KT, in 1992 and held positions such as head of KT Convergence Research Institute, head of Future Business Development, head of Enterprise Business Consulting, and head of the Enterprise Business Division. In 2020, he was promoted from vice president to president and took charge of the Enterprise Division, which integrated the Enterprise Business Division and Global Business Division. During his tenure, he was recognized both inside and outside the company for his creative and challenging business initiatives.

This is Park's third time being considered as a KT CEO candidate. In the 2019 CEO election, Park reportedly scored high in document screening and interviews but was unanimously passed over by the board in favor of former CEO Gu. In February this year, he was again on the shortlist of four final candidates, competing against former KT President Yoon Kyung-rim.

While serving as head of the Enterprise Division, Park co-led KT in a dual-CEO system in 2020, the first year of former CEO Ku Hyun-mo's tenure. He discovered 5G B2B commercialization models such as smart factories. A notable example is the business cooperation agreement signed with Hyundai Heavy Industries Holdings to jointly promote smart solutions and digital innovation. He also collaborated with Hyundai Robotics, the leading company in the domestic industrial robot market, on intelligent service robot development, autonomous driving technology research, and smart factory fields.

Additionally, KT built a dedicated 5G network for Samsung Seoul Hospital and piloted the '5G Smart Innovation Hospital' to improve medical work and services. Projects included 5G digital pathology diagnosis, AI-based smart care within hospital rooms, and autonomous robots in operating rooms. Furthermore, Park served as chairman of the Korea Cloud Industry Association and the Korea Public Safety Communications Association, laying the foundation for KT's core growth engines in digital transformation (DX) areas such as artificial intelligence (AI), big data, and cloud computing.

KT Enterprise was also launched under Park's leadership. Looking at KT's performance in the first quarter of this year, traditional telecom revenue from wired and wireless communication grew only 3.5% compared to 2019, while the DX sector grew 27.9% during the same period. Recently, mobile carriers have been aggressively expanding non-telecom new businesses instead of the saturated telecom market. If B2B expert Park becomes CEO, KT could gain a competitive edge in new business ventures.

High Internal Preference... Gentle Leadership

What distinguishes Park from the other two candidates is that he is a genuine KT insider. Although his career is focused on B2B rather than traditional telecom, he has the longest tenure among the candidates in the telecom industry. He has a deep understanding of the industry and KT. He is well-suited to quickly resolve internal confusion caused by a prolonged CEO vacancy. His gentle leadership style has earned him trust among employees. Among KT employees, Park is reportedly the most preferred candidate among the three. Park, who retired in 2021, received a total of 2.02 billion won that year, including a salary of 74 million won, bonuses of 399 million won, and retirement pay of 1.54 billion won.

A telecom industry insider who has worked with Park said, "Although I am not personally close to him, he has a very good reputation in the corporate and sales divisions. He is not overbearing and tries to resolve issues from the employees' perspective. He is someone generally well-liked." He added, "He has spent a long time in the enterprise division, is passionate about his work, and is rational."

However, being an internal candidate could also be a disadvantage for Park. The government and ruling party criticized KT insiders such as former CEO Gu and former President Yoon Kyung-rim as an 'internal cartel' during the previous selection process. Park cannot be exempt from the same criticism. Even if he becomes the final candidate, he must pass the shareholders' meeting hurdle. There is a possibility of opposition from major shareholders like the National Pension Service, the largest shareholder, and Hyundai Motor Group, the second-largest shareholder, as was the case with former President Yoon. Relations with the government and ruling party may not be smooth even after his appointment.

On the 2nd, in a phone interview with Asia Economy, Park declined to comment on his feelings and aspirations as a KT CEO candidate, saying, "I will speak at the CEO selection interview." He added, "I understand the media's strong interest in this matter, but I worry it might be misunderstood as media play." He continued, "I don't think this is the right time to express my aspirations. I ask for your understanding."