KT Freetel CEO to head KT Corp.

KT Corp., South Korea’s largest Internet access provider, said shareholders approved Nam Joong-soo as the company’s next chief executive. Mr. Nam, 50, who got his master’s degree at Duke University’s Fuqua School of Business, replaces Lee Yong-kyung, 62, who stepped down after a three-year term, according to a statement. Mr. Nam began his career at KT in 1982 and rose to the rank of chief financial officer in 2001. He then became chief executive of unit KT Freetel Co., Korea’s second-largest mobile phone operator, in 2003. The new chief executive of KT Corp. faces the challenge of helming the nation’s biggest provider of traditional phone calls and high-speed Internet at a time when the company is losing fixed-line customers to mobile phones and dealing with intensifying competition in the high-speed Internet market, which is already saturated.