KT&G Shareholder Urges Management Reform in Open Letter

Business by 2FIRSTS.ai
Dec.07.2023
KT&G Shareholder Urges Management Reform in Open Letter
KT&G shareholder Flashlight Capital Partners opposes reelection of current CEO Paek Bok-in and demands management reform.

According to a report by South Korean news source Naver on December 7th, KT&G's shareholder Flashlight Capital Partners (FCP) has sent an open letter to the company's board of directors strongly opposing the reappointment of current President Paek Bok-in and demanding reforms in the selection process for senior management personnel.

 

According to FCP, a company represented by Lee Sang-hyun, since Bai Furen took over as president of KT&G in 2015, although the company's sales have been increasing over the past nine years, its operating profit has consistently declined. Moreover, the company's stock price has continuously decreased during this period and its financial situation is significantly different compared to its industry competitors.

 

According to financial news reports, despite President Bai Furen's responsibility for the sales growth of KT&G, FCP Company has accused him of consistently underperforming due to the gap in operating profit margins compared to the industry and the continuous decline in stock prices. As a result, FCP opposes his re-election and proposes a new selection principle for the president that is fair, just, and transparent.

 

Lee Sang-hyun believes that the CEO candidate for KT&G should be open to external candidates, and the board of directors should actively seek and recruit professional managers from the global fast-moving consumer goods (FMCG) industry.

 

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

Over 160 organizations urge Formula 1 to end all tobacco sponsorships, including nicotine pouches
Over 160 organizations urge Formula 1 to end all tobacco sponsorships, including nicotine pouches
On March 4, 2026, more than 160 public interest organizations worldwide sent a letter to Formula 1 urging it to expand its 2006 prohibition on cigarette sponsorships to include nicotine pouches and other tobacco products. The letter states that Philip Morris International sponsors Ferrari to promote ZYN pouches, while British American Tobacco sponsors McLaren with its Velo brand, with logos displayed on cars and drivers’ race suits and promoted on social media.
Mar.06 by 2FIRSTS.ai
NASCAR adds nicotine pouch sponsor Grizzly as official partner; zone renews RCR deal for 2026
NASCAR adds nicotine pouch sponsor Grizzly as official partner; zone renews RCR deal for 2026
NASCAR Holdings has struck a partnership with Grizzly, a nicotine pouch brand under Reynolds American, making it an official sponsor across NASCAR and its track portfolio, with financial terms undisclosed. Separately, zone, a nicotine pouch brand owned by Imperial Brands’ U.S. subsidiary ITG Brands, renewed its relationship with Richard Childress Racing (RCR) and will continue sponsoring Kyle Busch’s No. 8 car during the 2026 season.
Jan.26
Philippine Customs Seizes Illegal Vape Products Worth Up to PHP 1.4 Billion in Navotas Warehouse
Philippine Customs Seizes Illegal Vape Products Worth Up to PHP 1.4 Billion in Navotas Warehouse
The Philippine Bureau of Customs seized illegal vape products worth an estimated PHP 1 billion to PHP 1.4 billion at a warehouse in Navotas City. Customs Commissioner Ariel Nepomuceno said the operation was the agency’s largest crackdown on illegal vape products since 2024.
Mar.23 by 2FIRSTS.ai
Altria Reports Full-Year 2025 Results: Revenue Down 3.1%, Cigarette Volumes Slide 10% as NJOY Takes Impairment Hit
Altria Reports Full-Year 2025 Results: Revenue Down 3.1%, Cigarette Volumes Slide 10% as NJOY Takes Impairment Hit
Altria has released its full-year 2025 results, reporting full-year net revenues of $23.279 billion, down 3.1% year over year. Domestic cigarette shipment volume fell 10% for the year. on! nicotine pouches reached a 7.7% share of the U.S. oral tobacco category in the fourth quarter. NJOY posted $21 million in net revenues in Q4, while full-year net revenues were negative $13 million (mainly due to returns and related factors).
Jan.30 by 2FIRSTS.ai
Guernsey Rejects Petition to Overturn Under-18 Vape Shop Ban
Guernsey Rejects Petition to Overturn Under-18 Vape Shop Ban
A petition seeking to overturn a new ban on under-18s entering vape shops in Guernsey has been rejected. The Health and Social Care Committee said the measure meets its objective of protecting children from exposure to vaping products.
Mar.23 by 2FIRSTS.ai
Cambodia Siem Reap raid seizes over 10,000 e-cigarette items; two arrested
Cambodia Siem Reap raid seizes over 10,000 e-cigarette items; two arrested
Police in Siem Reap, Cambodia, seized 10,168 items of e-cigarette paraphernalia during a raid on February 28, 2026, and arrested two suspected sellers and owners of the premises.
Mar.03 by 2FIRSTS.ai