Business

Kyung-man Bang Takes Helm as KT&G's New President Amidst Shareholder Acclaim

In a significant move for corporate leadership, Kyung-man Bang has been declared the new Chief Executive Officer of KT&G Corporation. Securing the position with robust support from shareholders, Mr. Bang pledges to drive innovation and robust growth within the company's crucial business sectors, consequently reinforcing the firm's commitment to both generating corporate value and establishing a stronger trust-based relationship with its stakeholders.

Elevation to Leadership at KT&G's Historic Shareholder Meeting

Amidst the solemnity of the 37th Annual General Meeting on March 28, 2024, KT&G Corporation celebrated a pivotal moment in its storied history. The meeting, integral to shaping the company's future trajectory, witnessed the appointment of Kyung-man Bang as President and Representative Director. This landmark event occurred at the olastereting KT&G Human Resources Development Center, nestled in Daejeon, South Korea.

The assembly, which reverberated with the voices of shareholders, culminated in the overwhelming election of Kyung-man Bang. His election mirrored the company's commitment to upholding shareholder democracy and protecting minority interests, with the combined cumulative voting process integrating the choice of CEO and Outside Director positions.

Deeply moved by the vote of confidence, the newly appointed CEO expressed profound gratitude towards KT&G's shareholders for the honor bestowed upon him. Acknowledging the workforce's unwavering commitment across varied domestic and international markets, Mr. Bang laid out his vision—propelling KT&G into the echelons of a 'Global Top-tier' company, anchored on three strategic pillars: Overseas Combustibles, Next Generation Product, and Health Functional Food.

Mr. Bang understands the importance of not just achieving corporate growth but doing so while boosting the firm's value and forging indisputable trust with all stakeholders, promising a profit-sharing approach as a tangible gesture of this ethos.

Unveiling the Global Vision: T-O-P Strategy

Potent in its resolve, Mr. Bang introduced the 'T-O-P strategy,' a blueprint heralding KT&G's journey to its coveted global vision. This strategy, permeated with words such as 'Trust,' 'Origin,' and 'Professionalism,' aims to elevate stakeholder confidence through proactive engagement, dominate by being the initiator, and secure pervasive expertise and professionalism through unwavering performance and expansion.

The CEO's rallying cry to employees emphasized the significance of building upon KT&G's resilient legacy, which has stood the test of time across manifold challenges, urging them to aspire to greater success through new, audacious endeavors.

The Professional Journey of Kyung-man Bang

Since his roots in the company's inception as the Korea Tobacco and Ginseng, back in 1998, Kyung-man Bang has risen through the ranks of KT&G, embodying various pivotal roles—an odyssey which has instilled him with a comprehensive understanding and mastery of the corporation's multifaceted operations.

As the Managing Director of Brand Management, it was under his astute guidance that KT&G cemented its reputation in the South Korean market through the inception of ESSE Change. This brand dynamically emerged as a market leader, clinching the towering market share it enjoys today.

Moreover, in his stint as Executive Managing Director of Global Headquarters, Mr. Bang's strategic prowess shone through as he widened KT&G's horizons to over 100 countries, thus reaching a commendable 1 trillion KRW mark in overseas sales. His strategy of crafting tailor-made brand portfolios bespoke for individual markets was pivotal in this international eminence.

Presently overseeing the role of Chief Operating Officer, Mr. Bang's contributions have been instrumental in charting the course for the company’s prosperous future. His remarkable headway, particularly in the Overseas Combustibles business, along with accelerating the Next Generation Product segment and nurturing Health Functional Food initiatives, have made him an esteemed figure helming towards the company's 'Global Top-tier' aspiration.

He stands as a beacon of qualification for leading KT&G, drawing positive shareholder sentiment and recognition for his leadership in sculpting exemplary shareholder return policies, thereby amplifying value of both the corporation and its shareholders.

A Board Geared for Growth

The AGM further sanctioned the appointment of Dong-hwan Shon and Sang-wook Kwak as Outside Directors, with Mr. Kwak also presiding as a member of the Audit Committee. The KT&G spokesperson avowed the Board's unwavering commitment to steering the company to new pinnacles of growth while also enhancing the value perceived by shareholders.

As the company turns the page to this new chapter under the strategic orientation of Kyung-man Bang, there stands a steely resolve amongst the entirety of KT&G to navigate the complexities of changing markets while anchoring their values firmly in stakeholder trust, innovation, and impeccable professionalism.

For additional insights and information on the company's vision and strategies, you can find the full resources provided by PRNewswire at KT&G Corporation.

In this age of competitive corporate landscapes, KT&G’s recent revelations illustrate a penchant for transformative leadership and a clear strategic pathway that aims to elevate the corporation to a premier position on the global stage. With Kyung-man Bang at the helm, buttressed by a fresh and adept Board of Directors, KT&G is poised to engineer a future where trust, originality, and professional excellence are not just tenets, but living hallmarks of its global enterprise.

As the narrative of the company unfolds, all eyes will be closely monitoring the effectiveness of the T-O-P strategy and the tangible progress it will yield. With a leader whose career is replete with strategic successes and a company culture that breathes resilience, KT&G is set to blaze a trail across the tobacco industry and beyond.

Final Remarks

In essence, the 37th AGM of KT&G has not only heralded the rise of a new leadership but also shone a light on the power of visionary strategies and enduring stakeholder relationships. With a tangible roadmap unveiled and a seasoned leader at the wheel, KT&G's expedition towards 'Global Top-tier' status is well underway.

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