2023-08-29 17:08:25
It is likely to be approved by the general meeting of shareholders today
Put an end to the management vacuum in 5 months
Business normalization and cartel elimination ‘task’
▲ KT CEO Candidate Kim Young-seop KT, which has been pointed out by the government and the ruling party as a ‘interest cartel’, will put an end to a management vacuum of regarding 5 months on the 30th. Candidate Kim Young-seop, who is likely to be approved at the shareholders’ meeting held on this day, must normalize management and resolve the cartel controversy at the same time.
KT will hold the second extraordinary general meeting of shareholders on the same day and handle four agenda items, including the appointment of a CEO. Candidate Kim’s appointment as the next CEO will be passed only when the articles of incorporation have recently been amended, and more than 60% of the voting stocks must vote in favor. Although the passing standard has been higher than originally, the industry expects that the appointment of CEO Kim will be confirmed without difficulty.
The National Pension Service, which is the largest shareholder (holds 7.99% as of the end of June) and put the brakes on former CEO Koo Hyun-mo’s attempt to reappoint at the end of last year, decided to vote in favor of all four agenda items. Other major shareholders, such as Hyundai Motor Group and Shinhan Bank, are also expected to follow the policy of the National Pension Service. Previously, Glass Lewis and ISS, the two major voting rights advisory firms, also took a stance in favor early on.
As a result, KT has ended the vacancy period that began with the resignation of former CEO Koo at the end of March. Candidate Kim, who is known as a financial expert in the telecommunications industry, is evaluated for improving the company’s constitution through extensive organizational reorganization, improvement of personnel evaluation method, and efficiency of financial structure when he was the CEO of LG CNS.
It seems that he will make use of his ‘major’ and put a strong personnel renewal and work efficiency drive following taking office. This is because dispelling the controversies over cartel interests is an essential element in stabilizing management. Prosecutors are investigating allegations of ‘contributing work’ to former and current KT executives, including former CEO Koo. The target of the prosecution’s investigation includes Park Jong-wook, head of the management planning division (president), who is currently acting CEO.
Reporter Kim Min-seok
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