KT chief concedes, drops reelection bid for second term

KT Corporation’s chief executive officer, Ku Hyeon Mo, was forced to drop his ambition of re-election for a second term in the company. His decision comes amid controversies involving corporate matters.

There have been calls for transparency within companies, and most South Korean businesses are feeling the heat of the growing political dominance in the corporate world. KT’s CEO, Ku Hyeon Mo, is said to be seeking another term to maintain his position in the company, and his goal was to stay for another three years.

He needs to go for re-election to continue leading the largest telecom firm in the country, but it appears that he may no longer make a move in filing for his candidacy. With his decision, he has become the latest high-ranking official in the industry to give way to the growing calls for better corporate governance.

According to The Korea Economic Daily, Ku’s cancelled bid for the CEO post at KT Corp. follows weeks of intense requests by the largest shareholder of the company, the National Pension Service (NPS), and even the country’s President Yoon Suk Yeol who has joined the others in calling for the company to fix its vague process in the selection of the next chief.

Ku was appointed CEO of KT in 2020 and he has continued to show his interest and determination to serve the firm for another three years. He wants to extend his term after being encouraged by the good performance of the firm’s business last year.

However, he faced strong opposition from major stakeholders, and some politicians joined in. They started pushing KT Corp. to make a fresh start in choosing the next chief. They strongly told the management to start the process from scratch. Thus, in the end, Ku Hyeon Mo was forced to abandon his bid.