KT&G Searches for its new CEO

KT&G Corporation (KRX:033780) convened its Board of Directors meeting along with the Governance Committee, a subset of the board, on December 28th, initiating the formal process for appointing the next CEO and establishing the evaluation criteria for potential candidates. Notably, KT&G’s Governance Committee consists solely of external directors. The meeting on the 28th was exclusively attended by outside directors.

Discussions during the session encompassed the procedure for selecting CEO candidates and setting the evaluation benchmarks. Internally, potential CEO candidates will include participants from the Senior Management Training Program initiated in 2020 and the current CEO. The Governance Committee will objectively assess both external and internal candidate groups to establish a longlist.

Subsequently, the Governance Committee plans to form an advisory panel comprising external experts to provide an unbiased perspective during the shortlisting of CEO candidates. Guided by the Governance Committee, KT&G intends to actively identify and develop potential CEO candidates.

Applications for the open recruitment will be accepted via registered mail or e-mail until January 10, 2024, with details available on the KT&G website starting December 28, 2023.

Lim Min-kyu, Chairman of the KT&G Board of Directors, emphasized their commitment to refining the CEO appointment process, prioritizing transparency, impartiality, and objectivity. Lim highlighted the integration of external expert assessments and perspectives from the advisory panel in the comprehensive candidate selection process moving forward.

The CEO appointment process will adhere to relevant statutes and the company’s articles of incorporation, expected to last approximately three months, following a three-step procedure: ‘Governance Committee – CEO Candidate Recommendation Committee – Reporting to the Board of Directors & Approval at the General Meeting of Shareholders.’

In late January 2024, the Governance Committee aims to finalize the shortlist by incorporating impartial opinions from the advisory panel, subsequently recommending candidates to the CEO Candidate Recommendation Committee. After a meticulous review, the final CEO candidate will be presented to the Board of Directors in late February 2024. The CEO appointment will be subject to approval at the Annual General Meeting of Shareholders in late March 2024.

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