KT&G Governance Committee finalizes the first shortlist of CEO candidates

January 31, 2024 06:27 PM AEDT | By Cision

KT&G Governance Committee finalizes the first shortlist of CEO candidates — Image source: Kalkine Media

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̶ The first shortlist consists of 8 individuals, 4 external and 4 internal candidates…selected based on impartial and objective opinions from the advisory panel

SEOUL, South Korea, Jan. 31, 2024 /PRNewswire/ -- The Governance Committee of KT&G Corporation("KT&G" or the "Company") (KRX:033780) finalized the first shortlist of KT&G CEO candidates on January 31^st and recommended the finalized list to the CEO Candidate Recommendation Committee, formed on the same day. The first shortlist includes 4 external candidates and 4 internal candidates, bringing the total to 8 individuals.

The Governance Committee held a series of 8 meetings since the end of last December to oversee the open recruitment for CEO candidates and conduct comprehensive assessments. Subsequently, the committee selected the first shortlist by taking into account impartial and objective opinions from the advisory panel composed of external experts.

The CEO Candidate Recommendation Committee will carry out an in-depth assessment on 8 candidates from the first shortlist in order to ensure sufficient candidate validation and select the most suitable candidate for the CEO position. The committee will finalize the second shortlist of 3 to 4 individuals by mid-February, and disclose the list in a transparent manner upon its finalization.

Then, the CEO Candidate Recommendation Committee will conduct face-to-face interviews with the candidates on the second shortlist to thoroughly review each candidate. Following the assessment, the committee will name the final CEO candidate and report to the Board of Directors by the end of February. The Board of Directors will then table the agenda for the Annual General Meeting of Shareholders after resolution, and the CEO will be appointed following the approval at the Annual General Meeting of Shareholders in late March, taking into account the collective will of the entire shareholder body.

The CEO Candidate Recommendation Committee is composed entirely of outside directors, without the participation of the incumbent CEO. CEO Bok-in Baek has decided not to partake in the committee, driven by the commitment to enhance the fairness and objectivity of the CEO appointment process.

"The Governance Committee selected the first shortlist by comprehensively considering the evaluation opinions from the advisory panel composed of reputable external experts, and recommended it to the CEO Candidate Recommendation Committee," said Myung-chul Kim, Chairman of the KT&G CEO Candidate Recommendation Committee. "Going forward, we will faithfully carry out the candidate assessment process, adhering to the principle of maximizing the interests of all shareholders and the future value of the company," the Chairman added.

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