KT&G’s new c.e.o. is the company’s first leadership change in 9 years. Photo credit: KT&G
KT&G successfully appointed Bang Kyung-man as its new c.e.o., despite facing resistance from the Industrial Bank of Korea (IBK), its largest shareholder, activist fund Flashlight Capital Partners (FCP), and Institutional Shareholder Services, a leading global proxy adviser.
During the company’s annual general meeting of shareholders, KT&G's proposal to appoint Bang as the new c.e.o. was approved, with backing from the National Pension Service (NPS), the company’s second-largest shareholder, along with employees who hold company shares.
Bang previously held various management positions at the company, including roles such as managing director of brand management, executive managing director of global headquarters, executive managing director of strategy and planning headquarters, and chief business officer.
Under Bang’s leadership as managing director of brand management, KT&G solidified its leadership position in the domestic market by successfully launching ESSE Change, which become the leading brand with highest market share. Moreover, during his tenure as executive managing director of global headquarters, Bang successfully expanded KT&G’s overseas market presence to over 100 countries and achieved the unprecedented milestone of delivering KRW1 trillion in overseas sales by developing tailored brand portfolios for each market and accelerating market expansion efforts.
“We are committed to achieving our vision of becoming a ‘global top-tier’ company by taking a leap forward and leveraging our three core business areas - overseas combustibles, next generation product, and health functional food - as the cornerstone for growth,” the new c.e.o. said. “We will also put our best effort to enhance corporate value and to establish a strong foundation of trust with stakeholders by sharing our profits with various stakeholders.”