[Exclusive] BC Card Opts for New Leadership over Choi Wonseok's Fourth Term...Kim Youngwoo Tapped as New CEO

Reflecting Parent Company KT's Intent, a "KT Man" Takes Center Stage

Executive Candidate Recommendation Committee Nominates Former Outside Director Kim Youngwoo as Next CEO

Global and Finance Expertise... "Ideal Candidate for Sound Management and New Businesses"

The bid for a fourth consecutive term by BC Card CEO and President Choi Wonseok has fallen through. The BC Card Executive Candidate Recommendation Committee has selected former Outside Director Kim Youngwoo as the next Chief Executive Officer (CEO) candidate. This personnel decision is seen as reflecting the parent company KT's intention to push for a refresh of its leadership.

BC Card building, Euljiro, Jung-gu, Seoul. BC Card

On the 19th, the BC Card Executive Candidate Recommendation Committee announced that it had recommended former Outside Director Kim Youngwoo as the CEO candidate.

As for the reasons for the recommendation, the committee stated, "He is a management expert who has successfully carried out various roles across the entire spectrum of management, including finance, strategy, global business, and new business," adding, "We determined that he is the optimal candidate who can share BC Card's future vision, based on his deep understanding and knowledge of the financial industry." The committee went on to say, "He has all the essential capabilities required of a CEO, including organizational management skills, leadership, and communication skills."

The prevailing assessment is that this appointment strongly reflects the influence of parent company KT. Kim is considered a classic "KT man," having served in roles such as Head of IR in KT's Finance Office starting in 2014, Head of Global Business Development, Head of Global Business, and Head of Group Management Office (Senior Executive Vice President). From 2023 to March 2024, he also served as an Outside Director of BC Card and participated as a member of the board of directors.

The fact that the current BC Card Executive Candidate Recommendation Committee is composed of two outside directors and Outside Director Lee Hyunseok, who holds a Senior Vice President-level position at KT, also supports this interpretation. In the financial sector, observers have consistently raised the possibility of replacing CEO Choi, citing past precedents in which CEOs of KT affiliates were reshuffled whenever KT's top leadership changed.

BC Card plans to submit the agenda item on appointing Kim as CEO for a final vote at the regular general meeting of shareholders scheduled for mid-March.