KT&G has nominated its vice president, Baek In-bok, as its new CEO, replacing former chief Min Young-jin, according to The Korea Times.
In July, Min resigned following a prosecution probe into allegations that he created a slush fund amounting to billions of won.
Baek joined KT&G in 1993. He served in various posts such as marketing, business strategy, production and R&D. Recently, Baek has been overseeing the cigarette producer’s production, along with its research and development (R&D).
“I know I will feel a huge responsibility as CEO when the company is facing a host of challenges both internally and externally,” said Beak upon his nomination. “I will do my best to abolish dubious practices and increase management transparency so that we become one of the most-trusted companies in Korea.”
Baek added that, as KT&G’s new chief, he would first normalize management following the two-month CEO absence. “This year, overseas sales will exceed domestic sales for the first time in our history. During my three-year term, I will transform KT&G into a globally competitive enterprise.”
KT&G will hold an extraordinary shareholders’ meeting in early October to approve Baek’s appointment.