KT President & CEO Koo Hyun-mo speaks after he was elected at a general shareholders’ meeting on at the KT Research Center in Seoul on March 30. (Photos: KT)

KT President & CEO Koo Hyun-mo took the helm of KT.

KT held a general shareholders’ meeting on at the KT Research Center in Seoul on March 30 and approved Koo’s election as the new CEO of the telecom service provider. President Koo became the first CEO promoted along KT’s hierarchy in 12 years. His term runs until 2023.

New President Koo said, “KT will change not only other industries but also customers’ life based on digital capabilities that have been accumulated so far.”

President Koo has tasks on his shoulders such as increasing subscribers of 5G telecom services and ramping up the competitiveness of the over-the-top (OTT) content business. He also has to deal with goals such as exploring new growth engines and restoring the company’s stock price.

Koo did not hold a separate inauguration ceremony. He delivered his inaugural speech via an intranet in-housing broadcasting system. He emphasized that digital innovation based on AI, big data, cloud and 5G telecom services will become an inflection point and at the center of a leap forward for clientele.

President Koo has lots of tasks to address. One of his urgent tasks is increasing the company’s 5G market share. KT is striving to explore new growth engines based on 5G telecom network.

Telecom service providers are scrambling to aggressively expand the B2B business based on the combination of 5G and ICT.

KT has to work on strategies to retain the No. 1 pay television business leadership. Last year, LG Uplus and SK Broadband built up their respective clientele bases through successful M&As. Competition is heating up between pay television service providers and over-the-top (OTT0 service companies.

Attention is focused on whether KT will acquire D’Live and Hyundai HCN that have been put on the block to solidify its leadership position in the pay TV business market, a business source said.

CEO Koo has stressed the importance of clientele since he was nominated as next KT president. In his inaugural speech, he also touched on “self-innovation” in the perspective of clientele, saying that the three core tasks designed to brace for the future are the nurturing of key manpower in the AI and cloud sectors, self-innovation in the perspective of clientele, and social values.

These strategies are reflected via an advertisement that was recently launched. The ad, titled “KT does one’s heart good, and my name is Kim So-hee,” speaks about giving a voice to persons suffering speech disorders using AI technology.

Koo also emphasized field management. He elevated field-oriented departments like the Customer Division and Network Operation Division to the status of bodies under the direct control of the CEO.

Koo has to deal with KT’s stock price, which has plunged below 20,000 won. A stream of voices at the general shareholders’ meeting called for a boost to KT’s stock price. Koo purchased treasury stocks worth about 100 million won to show his commitment to responsibility management.

KT officially changed the title of chairman & CEO to president & CEO through a revision of articles of association. The change is designed to build a decision-making regime among top executives, a departure from the conventional chairman-oriented one-man control regime.

KT said the step is aimed at securing the continuity of management by raising independence and stability of corporate governance.

(from left) President Park Yoon-young, head of the Corporate Division, elected as KT’s inside director. Former KT president Pyo Hyun-myung approved as an outside director.

President Park Yoon-young, head of the Corporate Division and Senior Executive Vice President Park Jong-woo, head of the Management Planning Division have been elected as KT’s inside directors.

Former KT president Pyo Hyun-myung was approved as an outside director despite an opposition by Korean National Fund.