KT names former executive VP of enterprise business its new CEO

KT has chosen Park Yoon-young, the former executive vice president of the enterprise business group, as the company’s next CEO.

KT CEO nominee Park Yoon-young [YONHAP]

KT has chosen Park Yoon-young, the former executive vice president of the enterprise business group, as the company’s next CEO.

KT’s board nomination committee, which consists of eight outside directors, conducted in-depth interviews on Tuesday. Finalists included Park; Hong Won-pyo, a former chief of SK Shieldus, who also has prior leadership experience at Samsung SDS and KT; and Joo Hyung-chul, a former presidential economic adviser and CEO of SK Communications.

Park will assume the position after receiving approval at KT’s shareholder meeting in March next year.

"[Park] brings extensive business experience at KT and technology-driven management capabilities and has delivered results in digital transformation and business-to-business areas, making him the right choice to strengthen the company’s future competitiveness," the KT board said.

Park joined KT in 1992 and previously served as executive vice president of the Future Business Development Unit at the KT Institute of Convergence Technology, head of the Future Business Development Unit and president of KT’s business division.

He also reached the final short list of three candidates during KT’s CEO selection process in 2023. Unlike other contenders, Park has spent his entire career at KT.

"Park’s long tenure at KT gave him a deep understanding of internal operations and allow him to take on the role without a lengthy handover process, which likely worked in his favor," a former KT executive said.

A KT store is seen in Seoul on Nov. 6. [NEWS1]

If appointed, Park will need to address crises including a hacking incident that occurred in September and work to restore customer trust. He will also face the task of rebuilding the group’s future growth engines, including AI businesses that have progressed slowly in the wake of the hacking incident.

“Park is the right person to lay the groundwork for sustainable growth under a new management vision, lead change and innovation, quickly restore trust inside and outside the company and strengthen cooperation with stakeholders," KT board Chairman Kim Yong-hyun said.

Park will also face the task of quickly overseeing KT’s more than 80 affiliates, which span cloud services through KT Cloud, real estate through KT Estate and financial services through BC Card. He must also drive the AI transformation across the KT Group to identify new growth engines.

"Park’s experience of leading new business initiatives during his tenure at the company proved decisive during the interview process," a KT representative said.

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom. BY OH HYEON-WOO [paik.jihwan@joongang.co.kr]