Announcement of Non-Participation in Next CEO Recruitment at Afternoon Board Meeting
CEO Candidate Recommendation Committee Composed Entirely of Outside Directors... Open Recruitment Begins on the 5th
On the afternoon of November 4, KT held a board meeting to discuss the future of CEO Kim Youngseop. As a result, it was decided that Kim would not participate in the open recruitment process for the next CEO. KT will immediately begin the process of appointing a new CEO, with the goal of finalizing the selection of a new candidate within this year.
At the National Assembly's Science, ICT, Broadcasting and Communications Committee audit held last month, Kim repeatedly stated, "As the CEO who bears overall responsibility for management, it is only right that I take appropriate responsibility," in relation to unauthorized micro-payments and personal information leakage incidents. At the board meeting on November 4, he reaffirmed this position and officially announced that he would not participate in the open recruitment for the next CEO.
On November 4, KT’s CEO Candidate Recommendation Committee held a meeting to discuss how to form the candidate pool for the next CEO and officially launched the CEO appointment process. The committee consists of eight outside directors and plans to complete the selection of a single CEO candidate within this year.
The candidate pool will be composed of recommendations from external professional organizations, open recruitment, recommendations from shareholders who have held at least 0.5% of the total shares for more than six months, and internal candidates. The open recruitment will be held from 9:00 a.m. on November 5 to 6:00 p.m. on November 16.
The CEO Candidate Recommendation Committee stated, "We will contribute to KT's sustainable growth and the enhancement of shareholder value through a fair and transparent process."
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