KT&G CEO Baek Bok-in Steps Down, Seeking New Leadership

Business by 2FIRSTS.ai

Jan.11.2024

KT&G CEO Baek Bok-in Steps Down, Seeking New Leadership

KT&G CEO Baek Bok-in announced he will not seek reelection in the company's pursuit of global leadership and transformation.

According to a statement released by KT&G on the 10th, CEO Baek Bok-in expressed during a board meeting the previous day that "new leadership is needed as KT&G moves towards its aspirations of becoming a global leader and undergoing transformation." As a result, he has decided to step down and will not seek reappointment."

Baek Bok-in expressed his desire to appoint the next CEO who possesses the ability to lead the company towards achieving its future vision and driving higher growth on a global scale.

Baek Bok-in joined KT&G through a public recruitment process at the Korea Tobacco & Ginseng Corporation in 1993. He assumed the position of CEO in October 2015 and was successfully reelected in both 2018 and 2021. During his tenure, he bolstered the competitiveness of the e-cigarette business by signing a 15-year contract with Philip Morris International (PMI). This achievement resulted in record-breaking annual sales of approximately 60 trillion Korean won.

Baek Bok-in has decided not to seek reappointment for the fourth term, resulting in a situation where, following KT and POSCO, KT&G also fails to achieve the consecutive tenure of a CEO in a conglomerate.

According to previous reports, financial institutions have predicted that KT&G's revenue for this year may decrease by 0.1% compared to last year, reaching 5.84 trillion won, while operating profit may also decrease by 10.5%, dropping to 1.13 trillion won. This would be the company's first revenue decline since 2018, raising doubts about Baek Bok-in's re-election. Meanwhile, due to changes in KT&G's internal CEO election system, as well as the South Korean government's negative stance on CEO re-election and the attack from aggressive investment funds, Baek Bok-in's path to re-election is not smooth.

References:

[1] 백복인 KT&G 사장, 4연임 포기 "새로운 리더십 필요할 때"

Also Read:

[1] KT&G Faces Challenges in CEO Reelection Process

[2] KT&G SKOPF Awards: Youngest Winner Creates Record

[3] KT&G Wins Lawsuit Against Journalist Over Unfair Reporting

[4] Future of CEO Bok-Rin Baek's Reappointment in KT&G

#Traditional tobacco #Asia #South Korea #Leadership

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