KT spent four months and Posco two months on their respective processes."Įmphasizing the importance of merit-based evaluation, Mr. Lee remarked, "The 11-day CEO nomination is unprecedented in Korea, standing out even among other former government-owned companies. Include Outsiders with Global Consumer Sector (FMCG) Expertise Sanghyun Lee, Managing Partner of Flashlight Capital, proposed three principles for a revamped nomination process: FCP pointed to such "lack of profit motive" as a primary cause for the stock’s over 50% discount relative to its peers. Flashlight Capital questioned the management's "vain pursuit on volume" at the expense of profit, noting a 40% revenue growth coupled with a 17% decrease in operating profit. Over nine years, KT&G stock fell by 19% while the KOSPI index rose by 26%. Baek, who has held the position for three consecutive terms. It specifically highlighted the unfair process that made resulted in the current CEO the only candidate, and criticized the Board’s remarkably swift 11-day decision-making.įlashlight Capital expressed disappointment in the performance of the current CEO, Mr. In its letter and video, Flashlight Capital pointed out various concerns regarding the previous CEO nominations. Flashlight Capital had sent a letter to the KT&G Board of Directors (the "Board") on December 1, urging a fair and transparent CEO nomination process. Ltd ("Flashlight Capital"), a shareholder of KT&G Corporation (KRX: 033780) ("KT&G" or the "Company"), released, on its YouTube channel, a video for KT&G shareholders about the CEO election on the upcoming AGM on Mar 2024. SINGAPORE, December 07, 2023-( BUSINESS WIRE)-Flashlight Capital Partners Pte. Letter to Shareholders (Video) Available at ( )
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