Lee Hyo-sik is Finance Desk editor at The Korea Times. He manages finance-related stories on macroeconomics, banks, stocks, bonds, crypto etc. He is passionate about covering what's happening in Korea's financial industry and explaining it to both Korean and non-Korean readers. You can reach him at leehs@koreatimes.co.kr. Your insights and feedbacks are always appreciated.
Baek nominated for KT&G CEO
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Baek Bok-in, KT&G CEO nominee
By Lee Hyo-sik
By Lee Hyo-sik
KT&G, Korea’s largest cigarette maker, said Friday that it nominated its vice president, Baek Bok-in, as its new CEO.
According to the company, an ad-hoc committee set up to select the new head chose Baek, who has been overseeing the cigarette producer’s production, along with its research and development (R&D), as its new CEO, replacing former chief Min Young-jin.
In July, Min resigned following a prosecution probe into allegations that he created a slush fund amounting to billions of won.
The committee has notified the board of directors of its decision and KT&G will hold an extraordinary shareholders’ meeting in early October to approve Baek’s appointment.
The 51-year-old, who began his career at the cigarette company in 1993, has served in various posts such as marketing, business strategy, production and R&D.
Upon his nomination, Baek said, “I know I will feel a huge responsibility as CEO when the company is facing a host of challenges both internally and externally. I will do my best to abolish dubious practices and increase management transparency so that we become one of the most-trusted companies in Korea.”
He then said he will first normalize management following the two-month CEO absence. “This year, overseas sales will exceed domestic sales for the first time in our history. During my three-year term, I will transform KT&G into a globally competitive enterprise.”