First Round Shortlist of CEO Candidates Finalized from 24 People
"Reflecting Fair and Objective Opinions of the Selection Advisory Group"
Second Round Shortlist of 3-4 Candidates to be Narrowed Down by Mid-February
KT&G, preparing to elect a new president for the first time in 9 years, has narrowed down the pool of 24 presidential candidates (longlist) to 8 for the screening process.
The KT&G Governance Committee announced on the 31st that it has finalized 8 candidates for the presidential screening (1st shortlist) and recommended them to the newly formed Presidential Candidate Recommendation Committee (PCRC) on the same day. The list includes 4 internal candidates and 4 external candidates, totaling 8.
Previously, the KT&G Governance Committee held 8 meetings since the end of December last year to conduct candidate recruitment and screening, reflecting the opinions of an external advisory panel composed of experts to select the 1st shortlist.
Going forward, the PCRC will conduct additional screenings of the 8 candidates on the 1st shortlist to select the optimal candidates through thorough verification. By mid-next month, they plan to finalize and publicly announce a 2nd shortlist, narrowing the candidates down to around 3 to 4. Subsequently, in-depth face-to-face interviews will be conducted with the 2nd shortlist candidates, and the final candidate will be selected within the month.
Afterwards, the final appointment of the next president will be decided at the regular shareholders' meeting at the end of March, reflecting the consensus of all shareholders following the board of directors' resolution to submit the agenda to the shareholders' meeting.
The PCRC is composed entirely of 6 outside directors. Baek Bok-in, the current KT&G president who was elected in 2015 and has served three consecutive terms, announced to the board on the 9th that he will not seek a fourth term and thus is excluded from the next presidential candidate pool. According to KT&G’s current bylaws, an incumbent president who does not intend to seek reappointment can still participate in the PCRC; however, President Baek expressed his intention not to participate in the PCRC to enhance the fairness and objectivity of the appointment process.
Kim Myung-chul, chairman of the Presidential Candidate Recommendation Committee, stated, "Since the Governance Committee recommended candidates to the PCRC by reflecting the fair and objective opinions of an external expert advisory panel, the PCRC will diligently screen the candidates to ensure that the selection of KT&G’s president is transparent, fair, and objective, based on the principle of maximizing the interests of all shareholders and the future value of the company."
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