KT&G appoints global business expert as next CEO

KT&G announced the appointment of Senior Executive Vice President Bang Kyung-man as the final candidate for its next CEO. The company stated that he is the most qualified individual to drive the firm's global expansion efforts and enhance its brand image.

He will officially take office as the new leader of the company pending approvals from the upcoming regular board meeting scheduled at the end of March, according to the firm's CEO recommendation committee.

Given his proven record in boosting the firm’s sales growth, Bang will be able to set a clear corporate vision and come up with specific strategies for sustainable growth, the committee said.

Bang joined KT&G in 1998 and has since held various key positions in divisions such as brand management, global business, and strategy planning within the company.

“After thorough deliberation, we have collectively assessed his qualifications for the firm's next leadership role and unanimously concluded that he is the most suitable candidate capable of decisively shaping the future trajectory of KT&G,” an official from the committee said.

As the head of brand management vision, Bang played a pivotal role in propelling KT&G's market share expansion, thereby solidifying its position as Korea's largest tobacco firm. He spearheaded the success of the Esse Change cigarette brand, which made remarkable strides and served as a significant stepping stone for the company's growth.

While serving as the chief of its overseas business division, Bang stood at the forefront in expanding the firm’s presence across the globe.

During his tenure at the division from 2015 to 2021, he significantly expanded KT&G's sales markets from 40 to over 100. This accomplishment was instrumental in the company's achievement of symbolic annual overseas heat-not-burn tobacco sales surpassing 1 trillion won ($753.57 million) in 2017.

“I feel a strong sense of responsibility after being nominated as the candidate at a time when the company is faced with a rapidly-changing market circumstance,” Bang said. “I will drive innovation in a more preemptive manner and find next growth opportunities, so we can rise to become the world’s top-tier company.”

Bang is also widely expected to boost KT&G’s corporate and shareholder value after being promoted to the top post, with his bold decision-making and strong leadership in building differentiated business strategies, according to the committee.