South Korean cigarette maker KT&G announced a shortlist of 24 candidates to be its next president at the end of March. Baek Jong-soo, chairman of KT&G’s Corporate Regulatory Structure Committee, stressed that KT&G needs new leadership to achieve more world-leading positions and will conduct a comprehensive evaluation of the selection of presidential candidates.
According to the Korea Economic Herald reported on January 12, the list of 24 candidates for the next president of South Korean cigarette manufacturer KT&G (Korean Tobacco Ginseng equity) was announced on the 11th, and the final candidate will be determined by the end of February. The next president will be confirmed at a regular shareholder meeting in late March.
Among them are 14 external candidates, including eight public candidates and six candidates recommended by headhunters. Internal candidates include 10 target groups for the executive training program, and incumbent President Baek Bok-im (백복인) has been excluded from the list of candidates for the next president.
For the president selection procedure of KT&G, according to the relevant laws, regulations, and articles of association, it takes about three months of procedures, including three stages: “Regulatory Structure Committee – General candidate Recommendation Committee – approval by the General meeting of shareholders”.
Based on the advice of the five-member selection Advisory Panel, the Control Committee will formally approve the list of presidential candidates (the long list). The Control Committee plans to share it with the presidential candidates of the Presidential Candidate Recommendation Committee (from now on referred to as the Recommendation Committee) at the end of the month.
After approval, the recommendation committee will narrow down the presidential candidates (second round shortlist) in mid-February and make the list public. The final candidate is expected to be confirmed by the end of February. Finally, the collective will of all shareholders will be reflected at the regular general meeting at the end of March, and the next president will be confirmed.
KT& Baek Jong-Soo, chairman of the Corporate Regulatory Structure Committee (백종수), stressed that KT&G needs new leadership to achieve more world leadership and respects President Baek Bok-in’s decision to resign. He also said he would “conduct a thorough evaluation of the selection of presidential candidates in line with the principle of maximizing the interests of all shareholders and the future value of the company.”