KT&G Shareholders to Vote on New CEO Nomination
According to a report by the South Korean news agency Yonhap on March 28th, shareholders of the large South Korean tobacco manufacturer KT&G (Korea Tobacco & Ginseng Corporation) will be voting on the nomination of a new CEO. If shareholders vote in favor of the new CEO, it will mark the first leadership change at KT&G in nearly 9 years. The appointment of the new CEO and outside directors of the company will be the two main agenda items at the company's annual shareholders' meeting.
In 2023, KT&G nominated Bang Kyung-Man, a senior executive vice president who has been with the company since 1998, as the new CEO. The Industrial Bank of Korea (IBK), which holds 7.11% of KT&G's shares, opposed the nomination, citing a decline in profitability and allegations of misconduct during Bang Kyung-Man's tenure as a director. However, the National Pension Fund (NPF), which holds 6.64% of KT&G's shares, decided to support Bang Kyung-Man's nomination.
In addition, Industrial Bank and the National Pension Fund have expressed their support for former judge Sohn Dong-hwan's appointment as the new external director of KT&G.
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