KT&G said Friday its shareholders approved the reappointment of CEO Bok-in Baek, during a regular meeting held at its Human Resources Development Center in Daejeon.
The incumbent chief of KT&G has been re-elected to serve another three-year term until 2021 as head of the nation's leading tobacco producer. He has led KT&G since October 2015.
The chief executive has built up his career at the company since 1993, having been in charge of business strategies, marketing, overseas businesses, manufacturing and R&D. His organized planning, initiative and drive based on field experience and strategic thinking is known to be his strength.
He has been known for his aggressive overseas expansion into growing markets. Under his leadership, KT&G posted 1 trillion won in overseas sales last year, despite unfavorable export conditions due to the global economic slowdown and a strong won. He also pushed ahead with the launch of the company's heat-not-burn e-cigarette, lil, entering into fierce competition on the domestic market.
In addition to the tobacco business, KT&G's red ginseng business had over 1 trillion won in sales in 2016 and made growth in 2017 as well.
"I feel huge responsibility for leading the company amid drastically changing industry circumstances," said Baek in a statement. "I will lead the company to become a global corporation through aggressive overseas business as well as a balanced portfolio by strengthening the ginseng, pharmaceuticals, cosmetics and real-estate businesses and to maximize value for shareholders and contribute to the growth of the national economy. I will also enhance corporate & social responsibility activities including the decrease of youth unemployment through job creation and win-win management.”
The shareholders’ regular meeting also approved to maintain the current number of six outside directors and appointed Jongsoo Baek, previous Director of the Busan District Public Prosecutor’s Office as outside director.