Improper intervention

• Published date: 06 March 2023
• Publication title: The Korea Times

President Yoon Suk Yeol and his ruling People Power Party (PPP) have taken flak for having interfered with the naming of a new CEO for telecommunications giant KT. A group of PPP lawmakers convened a press conference Thursday and slammed KT's selection of four candidates from among its former and current executives to replace outgoing CEO Ku Hyeon-mo.

The PPP members described the KT board of directors' decision as equivalent to an "interest cartel" and a "league of their own." The presidential office also backed the move. "The governance (of the KT) should be formed in accordance with fair and transparent procedures," the office said in a press release.

This means they are interfering directly with the process of naming the next CEO of the company. Yet it is entirely inappropriate for the ruling camp figures to press for their demands in selecting the CEO of a private firm.

Previously, KT floated Ku as the next CEO candidate for his second term, but to no avail due to alleged pressure from the presidential office, nudging him to drop out of the competition. It appears the presidential office has a certain figure in mind for the post beyond preventing Ku from challenging again. As the preferred person was not included in the four-member shortlist, the office and the PPP seem to have turned offensive, applying the brakes on the nomination process.

The seven PPP lawmakers belonging to the National Assembly's science and communications committee slammed KT for having vetted only four KT members out of the total 33 applicants. They underlined the need to overhaul governance to improve its managerial transparency. Yet their assertion has failed to win support as the candidates were judged to be largely qualified in terms of caliber and experience.

On the contrary, the external candidates allegedly favored by the ruling camp are former political stalwarts and officials who have no experience in the communications industry. The selection of one of them will certainly trigger controversy...