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Photo courtesy of Yonhap News |
[Alpha Biz= Paul Lee] KT Corp. is under scrutiny after it emerged that former outside director Cho Seung-ah held concurrent positions at Hyundai Steel while serving on KT’s board. The issue surfaced during the selection of CEO candidate Park Yoon-young.
KT’s 2024 business report shows that the board knew as early as March 7, 2023, that Cho held a role at Hyundai Steel, a Hyundai Motor Group affiliate, and excluded him from voting on a resolution regarding dual directorships due to a conflict of interest.
Cho joined KT as an outside director in June 2023, recommended by Hyundai Motor Group, and had assumed the Hyundai Steel position in late March 2023. KT stated that the disqualification arose retroactively after Hyundai Motor Group became the largest shareholder in April 2023. Cho officially resigned from KT on March 26, 2023.
KT emphasized that at the time of the board vote, there was no legal issue, as the review focused solely on whether directors could hold positions at other companies, not on specific company affiliations.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
