Meritz Securities Gives Positive Evaluation on KT&G Chairman Appointment

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Feb.26.2024

Meritz Securities Gives Positive Evaluation on KT&G Chairman Appointment

Meritz Securities praises KT&G's appointment of Bang Kyung-man as new chairman, anticipating business growth and shareholder rewards under his leadership.

According to a report by the Korean news agency Yonhap on February 26, the securities company Meritz Securities gave a positive evaluation on the appointment of Bang Kyung-man as the new chairman of KT&G. Analysts expect his tenure to bring business growth and strengthened shareholder returns measures.

According to reports, KT&G announced on the 22nd of this month that Bang Kyung-man is expected to succeed as the company's president. Kim Jung-wook from the research department of Meritz Securities analyzed that Bang's extensive industry experience will play a leadership role in the company's mid- to long-term development strategy focusing on e-cigarettes, health functional products, and the global CC core businesses. The KT&G president nomination committee announced on the 22nd that Bang Kyung-man has been selected as the final candidate for the next president and recommended to the board of directors.

The appointment of the next CEO and president will be decided at the annual shareholders meeting scheduled for the end of March. However, activist fund Flashlight Capital Partners (FCP) recently criticized KT&G's president selection process and has written to the National Pension Service urging them to exercise their voting rights in the election. This fund previously prevented the re-election of the CEO of KT Corporation in late 2022 and recently criticized the selection process for the next chairman of POSCO, raising concerns about whether they will exercise their voting rights at the upcoming shareholders meetings of KT&G next month.

References:

[1] 메리츠 " KT&G 방경만 사장 후보 확정으로 주주환원 강화 예상"

Also Read:

[1] KT&G Senior Vice President Bang Kyung-Man Recommended as President

[2] Son Dong-hwan Recommended as Independent Director for KT&G by KDB

[3] KT&G Prepares to Decide New CEO Amid Controversy

#E-cigarettes #Asia #Market #South Korea #Executive appointment

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