KT&G CEO Bok-in Baek told the Board of Directors of KT&G on January 9th that he would not seek reappointment.

“Now is the crucial moment for KT&G to usher in new leadership, in order to propel the company into global top-tier position and face transformative changes. I hope that a capable individual will be appointed the next CEO of KT&G and lead the company to achieve its future vision and advance to a higher level of growth as a global leading company,” said the CEO.

CEO Bok-in Baek held a Future Vision Declaration Ceremony last January and unveiled the company’s growth strategies to develop Next Generation Product(NGP), overseas tobacco, and Health Functional Food segments into core business areas, thereby setting the cornerstone for the company’s journey towards becoming a global top-tier company and achieving its future vision.

Furthermore, under CEO Bok-in Baek’s leadership, KT&G reached a record annual revenue of nearly KRW 6 trillion in 2022 and entered into a 15-year agreement with the global tobacco giant Philip Morris International last year. The agreement with Philip Morris is regarded as a strategic move to strengthen competitiveness of the company’s overseas NGP business and to ensure sustainable growth of the overall overseas business.

The CEO’s latest accomplishments include building the blueprint for establishing manufacturing plants in Indonesia and Kazakhstan and expanding the domestic NGP factory, thereby executing on the company’s growth investment plans and enhancing the future value of the company.