Bang Kyung-man, who has been at the company since 1998 in several roles, prevailed despite opposition from the firm's largest shareholder.
The biggest shareholder of KT&G has said it opposed a nomination for chief executive of Korea's dominant cigarette maker, citing falling profitability and dubious business practices during the nominee's tenure as a board member.
Bang Kyung-man got the nod from the recommendation committee and awaits approval at the general shareholders' meeting in March.
KT&G has been investigated by the U.S. Department of Justice and the Food and Drug Administration since 2021 for allegedly omitting information on harmful tobacco substances in its products launched in the United States.
KT&G CEO Baek Bok-in declined a fourth term amid pressure from activist funds.
KT&G revealed the initiation process and selection criteria by which it will determine its next CEO. Applications open on Jan. 10.
KT&G, Korea's largest tobacco manufacturer, announced plans Tuesday to issue 1.8 trillion won ($1.4 billion) in cash dividend and cancel or buy back 1.8 trillion won worth of its shares over the next three years.
KT&G, Korea's largest tobacco company, reported a record-high quarterly revenue of $1.28 billion, driven by strong cigarette sales overseas.
Korean tobacco manufacturer KT&G is constructing a new factory in Kazakhstan to meet the growing demands for heat-not-burn products and conventional cigarettes in the Eurasian region.
Dplus KIA and KT Rolster earned the final two Korean tickets to the 2023 League of Legends World Championship in October over the weekend after taking the top two spots at the League of Legends Champions Korea (LCK) Regional Finals
Korea JoongAng Daily Sitemap