Baek nominated for KT&G CEO
- Baek will increase management transparency and expand global business to contribute to nation-wise economic development
Baek Bok-in, vice president (head of production R&D and strategic planning division) of KT&G, has been promoted to take over as president. The CEO Candidate Recommendation Committee recommended Mr. Baek to the board of directors.
The CEO Candidate Recommendation Committee, an independent organization comprised of outside personnel from academic, financial, political, legal and media world for fairness and transparency in selecting the CEO of KT&G, has been following CEO recommendation procedure via public contest. Joonkyu Lee, leader of the committee said, “The committee members has been seeking for find a person with the management leadership for sustainable growth. We chose Baek the most well-qualified person based on professional knowledge of the business, long-term vision and strategy, intention for innovation, and global mindset’.
The new CEO, a veteran of more than 23 years, originally joined the company, previously called ‘Korea Tobacco and Ginseng Corp.’ by answering a public ad in 1993. He rose through the rank and file of the company over the years including strategy, marketing, global business, and production-R&D,, and in doing so, he became the first person in the company to rise to CEO after joining the company through an ad.
When he was the director of the Marketing Department in 2011, the market share of tobacco and cigarettes in Korea shot up to 62 percent from around 58 percent, and for the first time, the company introduced the “real-name system” in the quality of cigarettes in Korea. Baek is well appreciated to have a positive drive based on strategic thinking and planning ability for vision realization and innovation.
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."
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.
