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

From Heating Blades to Heating Paper? CTHB Patent Points to Microwave Heated Tobacco Design
From Heating Blades to Heating Paper? CTHB Patent Points to Microwave Heated Tobacco Design
According to China’s patent office records, a patent owned by China Tobacco Hubei Industrial Corporation (CTHB) for “cigarette paper and a cigarette for microwave heating” was granted on May 19, 2026. The patent describes cigarette paper with an outer wrapping layer, a heating layer, and an isolation heat-conducting layer, allowing it to absorb microwave energy, convert it to heat, and transfer that heat to the aerosol-generating substrate.
Jun.10
PMI’s Smoke-Free Business Accounts for 43% of Net Revenues in Q1 as Full-Year EPS Guidance Rises
PMI’s Smoke-Free Business Accounts for 43% of Net Revenues in Q1 as Full-Year EPS Guidance Rises
On April 22, 2026, Philip Morris International released its first-quarter 2026 results. The report showed net revenues of $10.146 billion, up 9.1% year on year; adjusted diluted EPS of $1.96, up 16.0%; and smoke-free products accounting for 43% of total net revenues. Based on first-quarter performance, the company raised its 2026 full-year adjusted diluted EPS forecast to $8.36 to $8.51, or $8.11 to $8.26 excluding currency.
Apr.23 by 2FIRSTS.ai
 Product | ASDF Chroma extends retro cassette visual language with lighting-focused pod design
Product | ASDF Chroma extends retro cassette visual language with lighting-focused pod design
2Firsts noted that ASDF has displayed Chroma on its official website. Public information shows that Chroma is a closed-pod device equipped with an 800mAh battery, switchable RGB lights, haptic feedback and Normal/Boost power modes. It uses a 2ml OSTRO cartridge with 2% nicotine strength. Public information also shows that ASDF has a Malaysian brand background and has previously drawn industry attention for the “retro cassette” visual language used in its Vapetape series.
May.26
Altria and Juul Ask Court to Pause Antitrust Case Pending Ninth Circuit Review
Altria and Juul Ask Court to Pause Antitrust Case Pending Ninth Circuit Review
Altria and Juul are asking a California federal court to pause an antitrust case while they appeal a class certification ruling to the Ninth Circuit. The case alleges that Altria’s 2018 investment in Juul, a $12.8 billion deal for a 35% stake.
May.07 by 2FIRSTS.ai
Jinjia Shares Discloses 2025 Annual and Q1 2026 Results With Revenue Growth, Profit Pressure and Expanding New Tobacco Business
Jinjia Shares Discloses 2025 Annual and Q1 2026 Results With Revenue Growth, Profit Pressure and Expanding New Tobacco Business
Jinjia Shares’ 2025 annual report summary and first-quarter 2026 report show that the company recorded 2025 revenue of RMB 2.988 billion, up 4.57% year on year, while net profit attributable to shareholders turned to a loss of RMB 346 million. In the first quarter of 2026, revenue rose 58.13% year on year to RMB 1.005 billion, but attributable net profit fell 45.16% to RMB 36.5349 million. The company said both revenue and cost growth were related to the expansion of its new tobacco business.
Apr.28 by 2FIRSTS.ai
New West Virginia Vape Law Begins, With Packaging and Ad Restrictions Ahead
New West Virginia Vape Law Begins, With Packaging and Ad Restrictions Ahead
West Virginia’s Vape Safety Act will take effect Thursday, requiring vapor products sold in vape and smoke shops to carry health warnings, legal-age notices, manufacturer information and ingredient disclosures, while introducing new licensing and enforcement rules.
Jun.10