A committee tasked with finding a new CEO for South Korea’s KT Corp has designated Chang Gyu Hwang as its candidate.
If shareholders approve the recommendation at an EGM this January, Hwang will replace Suk Chae Lee who resigned in November amid…
A committee tasked with finding a new CEO for South Korea’s KT Corp has designated Chang Gyu Hwang as its candidate.
If shareholders approve the recommendation at an EGM this January, Hwang will replace Suk Chae Lee who resigned in November amid corruption allegations made against him.
Hwang, the former president of Samsung Electronics’ semiconductor business, “was considered as the best qualified candidate as an IT specialist with an ability to create new businesses”, KT said in a statement.
The telco added that Hwang “also served as the nation’s CTO by heading R&D planning office of the ministry of knowledge and economy. Thus, Mr Hwang’s broad understanding not only in ICT but also in other related industries made him the best fit as the next CEO of KT”.
A few months ago, state prosecutors reportedly raided KT’s offices as part of legal investigations into corruption allegations. Although Lee resigned, he has so far denied the allegations.
The probe was launched after a South Korean civic group filed charges against the CEO in February and October this year. The group alleges that Lee has made poor investments decisions and sold some of KT’s properties below market value, resulting in losses of W87bn (US$81.8m) for the operator.
Hyun Myung Pyo, head of KT’s telecom and convergence division, has served as acting CEO since then.
“With the nomination of the CEO candidate, KT expects to expedite management restoration to process all pending issues promptly,” the operator said in the statement.
