Former KT CEO Koo Hyun-mo: "Will Not Participate in Next CEO Selection... I Trust the Capabilities of Internal Talent"

[Financial News] Koo Hyun-mo, former CEO of KT Corporation (KT) who was considered a candidate for the next CEO, announced on the 14th that he would not participate in the selection process. Koo is currently serving as an adjunct professor in the Department of Systems Engineering at the Korea Advanced Institute of Science and Technology (KAIST).
In a statement released that day, Koo emphasized, "The core of governance is not the number or authority of Independent Directors, but a healthy structure that fosters and fairly selects competent CEO candidates."
He reflected on the 2022 KT CEO reappointment process, stating that despite strong management performance, he was "forced to leave KT against his will." He pointed out, "What happened at KT three years ago was unprecedented in Korean corporate history and should never have occurred." He further explained, "An externally recommended CEO candidate was forced to resign, and even Independent Directors were made to step down, resulting in an abnormal management vacuum with neither a CEO nor a Board of Directors for as long as six months."
Koo continued, "At this year's general shareholders' meeting, all four directors whose terms were expiring were recommended and reappointed, and new personnel regulations inconsistent with the articles of incorporation were introduced—decisions that are difficult to understand." He added, "If I must once again be evaluated by a Board that was formed as a result of distorted governance, I do not believe it would be appropriate, especially as someone who experienced the events of three years ago firsthand."
He also stated, "Just because the company is in a complex and difficult situation does not mean it is desirable for a former CEO to step forward again."
Koo asserted that internal talent should lead KT. He said, "One reason so many candidates apply whenever KT opens a CEO selection is the misconception that there are no capable internal candidates." He continued, "In reality, there are plenty of highly qualified candidates within KT who are fully capable of solving problems and leading the company."
Koo concluded, "No matter how smart a CEO is, they cannot succeed if they fail to inspire passion among employees." He added, "I sincerely hope that a CEO who respects KT members, trusts in the abilities of internal talent, and can lead the organization in a healthy direction will be appointed."
mkchang@fnnews.com Jang Min-kwon Reporter