South Korea’s telecom giant KT has kicked off the process for choosing a new chief.
The company’s governance structure committee on Wednesday started accepting applications for the successor of current KT CEO Hwang Chang-kyu. The process is expected to be completed early next month.
The new KT chief will be appointed in December by the company’s 11-member board of directors, the committee said. The appointment will be ratified at the shareholders meeting in March next year.
“As the first step in selecting the next chief, the governance structure committee is looking at in-house candidates. For outside candidates, the company will receive recommendations from experts,” KT said in a statement.
Despite the company’s attempt to boost business transparency since its privatization in 2002, KT has constantly faced allegations of nepotism. Critics have also claimed that government officials continue to influence appointments.
Former KT CEO Lee Suk-chae has been accused of doling out executive positions to retired high-ranking government officials.