KT&G appoints Kyung-man Bang as new CEO at the 37th Annual General Meeting of Shareholders

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Mar 28, 2024, 01:24 ET

- Kyung-man Bang secures presidency with overwhelming shareholder support

- "We will enhance corporate value by driving growth in core business areas, and build a stronger foundation of trust with stakeholders," said Mr. Bang

SEOUL, South Korea, March 28, 2024 /PRNewswire/ -- KT&G Corporation ("KT&G" or the "Company") (KRX:033780) held its 37^th Annual General Meeting of Shareholders ("AGM") on March 28, 2024 at KT&G Human Resources Development Center in Daejeon, South Korea, and appointed Kyung-man Bang as President (CEO) and Representative Director.

Kyung-man Bang was elected President with overwhelming shareholder support, winning the highest number of votes. The election of CEO and Outside Director was conducted jointly through combined cumulative voting as per shareholder request, with the aim of protecting minority shareholder rights.

Kyung-man Bang, newly appointed CEO of KT&G said, "I am deeply grateful to the shareholders for entrusting me with the honorable opportunity to serve the company as CEO, and to the employees for their tireless work and dedication across both domestic and international business arenas." "We are committed to achieving our vision of becoming a 'Global Top-tier' company by taking a leap forward and leveraging our three core business areas- Overseas Combustibles, Next Generation Product, and Health Functional Food- as the cornerstone for growth. We will also put our best effort to enhance corporate value and to establish a strong foundation of trust with stakeholders by sharing our profits with various stakeholders," Mr. Bang added.

Furthermore, Mr. Bang introduced 'T-O-P strategy', a new business strategy designed to propel KT&G towards its 'Global Top-tier' vision. The 'T-O-P strategy' focuses on three keywords, 'Trust', 'Origin', and 'Professionalism'. It demonstrates KT&G's commitment to enhancing stakeholders' 'Trust' with proactive engagement, establishing an undisputed 'Origin' with a first-mover approach, and securing global expertise and 'Professionalism' through performance and growth. Mr. Bang also encouraged employees to build upon KT&G's legacy of persevering through numerous crises and to aspire to new heights of success by taking on new and daring challenges.

Since joining Korea Tobacco and Ginseng (KT&G's predecessor) in 1998, Kyung-man Bang has held various management positions at the company, including roles such as Managing Director of Brand Management, Executive Managing Director of Global Headquarters, Executive Managing Director of Strategy and Planning Headquarters, and Chief Business Officer. Mr. Bang has garnered profound insight and expertise of the company's overall business operations by serving leadership roles across diverse business areas.

Notably, under Mr. Bang's leadership as Managing Director of Brand Management, KT&G solidified its leadership position in the domestic market by successfully launching ESSE Change, which has become the leading brand with the highest market share. Moreover, during his tenure as Executive Managing Director of Global Headquarters, Mr. Bang has successfully expanded KT&G's overseas market presence to over 100 countries and achieved the unprecedented milestone of delivering 1 trillion KRW in overseas sales by developing tailored brand portfolios for each market and accelerating market expansion efforts.

Currently serving as Chief Operating Officer, Mr. Bang has been playing a pivotal role in executing the company's mid-to-long term growth strategy that focuses on three core business areas. He has made significant contributions to expanding the direct business model for Overseas Combustibles business, driving rapid growth in Next Generation Product business, and establishing localized value chains for overseas Health Functional Food business. Mr. Bang has been recognized as the most qualified candidate to guide KT&G towards achieving its 'Global Top-tier' vision. He has received positive evaluations and garnered strong support from shareholders for taking a leading role in formulating and executing the best-in-class shareholder return policy, thus enhancing both corporate and shareholder values.

Additionally, the AGM approved appointment of Dong-hwan Shon and Sang-wook Kwak as Outside Directors, with Mr. Kwak also serving as an Audit Committee member. "We are fully dedicated to driving the company's growth and enhancing shareholder value, with the newly formed Board of Directors leading the change at the forefront," said KT&G spokesperson.

SOURCE KT&G Corporation