KT&G Appoints New President: Transforming into Global Leader

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Apr.01.2024

KT&G Appoints New President: Transforming into Global Leader

KT&G Appoints New CEO in First Leadership Change in Nine Years, Promising Global Expansion and Enhanced Stakeholder Trust.

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.

References:

[1] 닻 오른 KT&G 방경만號 '주주와 단단한 신뢰 구축하겠다'

Also Read:

[1] KT&G Company Elects New CEO and Chairman of the Board

[2] National Pension Fund Approves Candidates for KT&G Leadership

[3] IBK Corporate Bank Opposes KT&G Executive Appointments

[4] KT&G Launches New HTP Device MIIX UPTOO, Available Nationwide from March 6

[5] KT&G Shareholder Meeting: FCP Supports External Director Candidate

#Traditional tobacco #E-cigarettes #Asia #South Korea #Major companies

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