KT&G Appoints New President: Transforming into Global Leader
Recently, according to Naver news, KT&G has replaced its CEO for the first time in nine years. The longtime CEO, Baek Bok-in, stepped down after serving three consecutive terms and was succeeded by senior vice president Bang Kyung-man. During the shareholders' meeting, Bang Kyung-man defeated Sun Dong-hwan, a law professor at Sungkyunkwan University, who received 56.6 million votes, as well as KT&G board chairman Im Min-kyu, who received 24.5 million votes, garnering 84.09 million votes.
As the head of the global headquarters, Bang Kyung-man increased the number of countries to which KT&G products are exported from 40 to over 100, with overseas sales exceeding 1 trillion Korean won. Within the company, he is highly praised for leading the development of medium to long-term strategies centered around three core businesses (overseas cigarettes, e-cigarettes, and health functional foods). A KT&G official said, "His high vote of confidence at the shareholders' meeting indicates that he is widely recognized as the right person to lead KT&G.
After the shareholders' meeting, Bang Kyung-man immediately stated that his goal is to "use the three core businesses as a springboard for development, leap towards becoming a world-class company", and to "share development achievements, increase company value, and establish stronger trust with all stakeholders, including shareholders." He proposed the "T-O-P" management strategy, which aims to improve trust with stakeholders through active communication, ensure competitiveness in the original location, and strengthen global specialization.
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