Recommendation of candidates for two inside directors ahead of the shareholders’ meeting on the 31st
CEO Park Jong-wook and Department Head Yoon Kyung-rim interested in passing
Some raise questions about the eligibility of candidates
Sufficient qualifications for the company…Very important for Digico strategy
[Seoul Economy]
KT begins to build a management system to complete the digital platform. In the last year of KT CEO Koo Koo Koos tenure, he plans to enhance the perfection of digital transformation by appointing an in-house director suitable for the advancement of Digicos growth engine. However, there is growing market interest in the results of the general shareholders meeting at the end of this month as some oppose the appointment of an inside director due to the candidates qualifications.
According to the information and communication technology industry on the 20th, KT will hold the 40th regular general shareholders meeting on the 31st. At this general meeting of shareholders, approval of the financial statements and changes to the articles of incorporation, as well as the appointment of directors, are expected to be proposed. In particular, KT is evaluated to have focused on strengthening its ability to generate profits in the telecommunication business and at the same time focusing on the expansion of ABCs capabilities, called artificial intelligence, big data, and cloud.
In line with this direction, KT recommended Jong-wook Park, CEO of KT Safety and Health, Head of Management Planning Division, and Kyung-rim Yoon, Head of KT Groups Transformation Division, as candidates for in-house directors as candidates for re-appointment and new appointment, respectively.
Among them, Candidate Park is known as an expert in the KT strategy field with 30 years of experience in KTs field and core tasks in the planning department. In particular, he is evaluated as a person who led the strategy establishment and execution of Digico KT together with CEO Koo. As the head of the business planning division, he has made continuous efforts to realize shareholder return, such as strengthening the ability to generate profits in core businesses and implementing a dividend policy to improve shareholder value. In fact, KT is actively realizing shareholder value by setting the dividend per share to 1910 won, up 41.5% from a year ago.
In response to the criticism that candidate Parks re-appointment as an inside director was inappropriate due to the fact that he was sentenced to a fine for violating the Political Funds Act, KT said, “There has been a sufficient legal review by the board of directors.” We decided to be the best candidate by comprehensively judging the contribution of the company,” he emphasized. The company determined that he was not involved in the creation of off-balance sheet funds, and that he simply lent his name during the donation process. The KT Board of Directors also judged, “It is reasonable for Candidate Park to have continuity in order to continue his role as an inside director for two years and to innovatively improve KT’s internal control system and compliance system.”
Kyunglim Yoon, Head of KT Groups Transformation Division
As the head of the groups transformation division, Candidate Yoon is evaluated to have played an important role in strengthening the foundation for KT Groups sustainable growth by strengthening group synergies, fostering domestic and overseas group companies, strategic investments, and promoting alliances. Candidate Yoon served as head of KTs new business promotion division, future convergence business promotion office, and global business division, and is said to have various experiences and insights in strengthening the groups new growth engines and establishing future strategies. KT explained, “With the joining of Candidate Yoon, who is evaluated as a new business expert, it is expected that the expansion of business-to-business transactions such as AI, big data, and cloud, which KT is promoting, will speed up the groups synergy reinforcement.” .
