Baek nominated for KT&G CEO

Baek Bok-in, KT&G CEO nominee

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.”