KT&G CEO Appointment Uncertainty: Largest Shareholder Opposing

News by 2FIRSTS.ai
Mar.04.2024
KT&G CEO Appointment Uncertainty: Largest Shareholder Opposing
KT&G shareholders to vote on CEO nominee amid controversy over performance and shareholder dissent. Uncertainty looms over appointment.

According to South Korean media Koreatimes on March 1st, shareholders of KT&G are expected to vote later this month on the appointment of a new CEO candidate. The largest shareholder is opposed to the appointment, claiming that the candidate should be held responsible for the company's stagnant performance in recent years.

 

On February 22nd, the company appointed Senior Executive Vice President Bang Kyung-man as the final candidate for the position of Chief Executive Officer.

 

However, KT&G's largest shareholder, Industrial Bank of Korea (IBK), has decided to vote against Fang Jingman's appointment at the shareholders' meeting scheduled for March 28. In addition, the activist hedge fund Flashlight Capital Partners (FCP) has raised questions about the nomination process, creating uncertainty about whether Bang will be appointed as CEO at the meeting.

 

IBK, which holds a 6.93% stake in KT&G, recently stated that there are issues with the process of selecting nominees. An executive at IBK added that since the nominee for CEO was appointed as a senior executive vice president, the company's operating profit has decreased by over 20%.

 

The National Pension Service (NPS), which owns a 6.31% stake, is also expected to decide on the appointment of the CEO candidate at the shareholders' meeting on March 28.

 

In response to opposition regarding the appointment of the CEO candidate, KT&G stated that the selection process for the new CEO was conducted fairly, including the first time in 20 years that a candidate was chosen from outside the company. The CEO nominee also meets the criteria set by the company for the new chief executive officer.

 

The entire CEO appointment process has been conducted and guided by an independent external board committee. In addition, public recruitment is considered as one of the channels to form a pool of CEO candidates, providing a fair assessment opportunity for both internal and external candidates. Without the establishment of an advisory group composed of external experts, the fairness and objectivity of the appointment process have been ensured through the committee's impartial and objective viewpoints being taken into account.

 

We welcome news tips, article submissions, interview requests, or comments on this piece.

Please contact us at info@2firsts.com, or reach out to Alan Zhao, CEO of 2Firsts, on LinkedIn


Notice

1.  This article is intended solely for professional research purposes related to industry, technology, and policy. Any references to brands or products are made purely for objective description and do not constitute any form of endorsement, recommendation, or promotion by 2Firsts.

2.  The use of nicotine-containing products — including, but not limited to, cigarettes, e-cigarettes, nicotine pouchand heated tobacco products — carries significant health risks. Users are responsible for complying with all applicable laws and regulations in their respective jurisdictions.

3.  This article is not intended to serve as the basis for any investment decisions or financial advice. 2Firsts assumes no direct or indirect liability for any inaccuracies or errors in the content.

4.  Access to this article is strictly prohibited for individuals below the legal age in their jurisdiction.

 

Copyright

 

This article is either an original work created by 2Firsts or a reproduction from third-party sources with proper attribution. All copyrights and usage rights belong to 2Firsts or the original content provider. Unauthorized reproduction, distribution, or any other form of unauthorized use by any individual or organization is strictly prohibited. Violators will be held legally accountable.

For copyright-related inquiries, please contact: info@2firsts.com

 

AI Assistance Disclaimer

 

This article may have been enhanced using AI tools to improve translation and editorial efficiency. However, due to technical limitations, inaccuracies may occur. Readers are encouraged to refer to the cited sources for the most accurate information.

We welcome any corrections or feedback. Please contact us at: info@2firsts.com

Research Summary | NHANES Study: Smoking or E-Cigarette Use Linked to Higher Prevalence of Elevated Blood Pressure and Hypertension
Research Summary | NHANES Study: Smoking or E-Cigarette Use Linked to Higher Prevalence of Elevated Blood Pressure and Hypertension
A cross-sectional analysis based on the US NHANES 2021–2023 cycle, including 6,262 participants aged over 12, found that compared with people who neither smoke nor vape, those who smoke and/or use e-cigarettes had a higher prevalence of elevated blood pressure and hypertension. After full adjustment, smoking/vaping was associated with elevated blood pressure (aOR 1.34) and hypertension (aOR 1.46), and with a 1.05 mmHg higher diastolic blood pressure.
Feb.09 by 2FIRSTS.ai
Singapore hikes vape penalties: users face up to S$10,000; importers up to 9 years
Singapore hikes vape penalties: users face up to S$10,000; importers up to 9 years
Singapore Parliament passes law to significantly increase penalties for e-cigarette possession, use, import, and sale, effective May 1.
Mar.09 by 2FIRSTS.ai
BAT FY2025 Results Review Series by 2Firsts
BAT FY2025 Results Review Series by 2Firsts
Feb.12
ELFBAR Resolves Global Dispute Over "ELF" Trademark with VPR Brands LP
ELFBAR Resolves Global Dispute Over "ELF" Trademark with VPR Brands LP
ELFBAR announces global settlement with VPR Brands LP over "ELF" trademark dispute, covering major markets like US, Canada, UK.
Apr.01 by 2FIRSTS.ai
IQOS Japan Introduces Multiple Pastel-Style UV-Printed Designs for ILUMA i, Available Until April 20
IQOS Japan Introduces Multiple Pastel-Style UV-Printed Designs for ILUMA i, Available Until April 20
The official IQOS Japan Instagram account posted that IQOS ILUMA i has introduced multiple exterior designs featuring pastel-style UV prints (a UV-curing printing process), adding spring colors to the regular device lineup, with limited-time sales at IQOS Stores through April 20.
Apr.10 by 2FIRSTS.ai
Alaska AG warns 1,500+ retailers to stop selling unauthorized vapes and nicotine pouches
Alaska AG warns 1,500+ retailers to stop selling unauthorized vapes and nicotine pouches
Alaska’s attorney general has sent warning letters to more than 1,500 retailers and distributors, cautioning them against selling tobacco products — including e-cigarettes and oral nicotine pouches — that lack U.S. Food and Drug Administration authorization.
Mar.06 by 2FIRSTS.ai