KT taps current CEO Ku as sole candidate for next chief

South Korea’s telecom giant KT Corp. has named current chief executive Ku Hyeon-mo the sole candidate for its next CEO during a board meeting on Dec. 28.

Ku is expected to start his second term after receiving the final nod at the general shareholders meeting in March 2023. The three-year term will end in March 2026.

KT has formed a committee to select CEO candidates as Ku expressed his intent to serve a consecutive term last month. On Dec. 13, the committee reported to the board of directors that it decided Ku is qualified for the CEO election.

Afterward, Ku underwent additional screening processes as he expressed a resolve to join the race alongside several candidates earlier this month.

Ku's statement came after National Pension Service (NPS) Chairman Kim Tae-hyun on Dec. 8 criticized some negative practices of CEO elections, such as having one CEO serving consecutive terms. The NPS is KT's largest shareholder with a 10.35% stake. 

KT posted 12.59 trillion won ($10 billion) in revenue between January and June of this year, a record-high amount for a half year. Its operating profit reached 1.09 trillion won during the same period. Its market cap exceeded 10 trillion won in August when its stock hit 39,300 won, the highest since December 2012.

Write to Seung-Woo Lee at leeswoo@hankyung.com
Jihyun Kim edited this article.