KT CEO Ku Hyeon-mo steps down from top post 3 days before his term ends

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KT CEO Ku Hyeon-mo steps down from top post 3 days before his term ends

KT office building in Jongno District, central Seoul [YONHAP]

KT office building in Jongno District, central Seoul [YONHAP]

 
KT CEO Ku Hyeon-mo stepped down from the top post Tuesday, three days before the scheduled end of his term.
 
Park Jong-wook, KT president and head of its business planning division, will serve as an acting CEO for the time being, according to the telecom company.
 
KT said on Tuesday that Ku and some of its outside board directors resigned ahead of the general shareholder’s meeting slated for Friday, March 31.
 
KT plans to set up an emergency management committee consisting of the acting CEO and top executives during the leadership vacancy.
 
It will take about 5 months for a new CEO and external board members to be appointed, according to KT.
 
“In order to normalize the current crisis situation, all employees and the management should work together and focus on their roles to solve our customers and shareholders’ concerns,” said Park.
 
“To that end, KT will quickly make major business decisions through the emergency management committee to minimize any possible impasse on the company's business activities.”
 
The most recent CEO nominee Yun Kyoung-lim, president of KT's Group Transformation division, stepped down from the candidacy Monday, following opposition from the government and major shareholders like the state-run National Pension Service (NPS) and Hyundai Motor.

 
Prior to Yun's resignation, Ku decided in February to withdraw his name from the CEO candidacy following criticism from the NPS and the government.
 
The NPS holds 8.32 percent of KT. Hyundai Motor owns 4.69 percent and Hyundai Mobis owns 3.1 percent.
 
Prosecutors recently launched an investigation into Yun and Ku over an alleged misappropriation of corporate funds and breach of trust. KT is denying the allegation.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]
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