In response to the pressure on the voting rights of the National Pension Service before the shareholders’ meeting… Jong-wook Park, CEO of KT, is the first to resign voluntarily.

KT CEO Park Jong-wook resigned voluntarily ahead of the general shareholders’ meeting on the 31st to vote for the re-election of internal directors. It is interpreted as a measure in response to the decision of the National Pension Service, the largest shareholder of KT, to exercise its voting rights against the re-election proposal. It is interpreted as a symbolic event that shows the growing influence of the voting rights of the National Pension Service at the shareholders’ meeting.

On the same day, CEO Park resigned voluntarily citing ‘personal reasons’ just before the KT shareholders’ meeting held at the KT R&D Center in Umyeon-dong, Seocho-gu, Seoul. In January, KT CEO Koo Koo Koo recommended CEO Park as Chief Safety Officer (CSO). After that, after a resolution by the board of directors, KT switched to Koo Koo and Park Jong-wook respectively. In January, CEO Park was briefly indicted on charges of ‘spending support’ to a member of the National Assembly, and was sentenced to a summary order fine for violating the Political Funds Act and embezzlement in business, and requested a formal trial. Ahead of the shareholders’ meeting, civic groups including the Economic Reform Coalition were pouring out voices saying, “The National Pension Service should oppose the re-appointment of CEO Park Jong-wook.” As criticism grew, the National Pension Service also took a stand against the proposal for re-election as CEO Park.

It is analyzed that CEO Park voluntarily resigned in order to avoid a situation in which the agenda was rejected due to the collective opposition of shareholders. CEO Koo bowed his head saying, “I am doing my best to make a good company.”

[우수민 기자]
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