KT&G Corporation held its 37th Annual General Meeting of Shareholders on March 28, 2024, and appointed Kyung-man Bang as President (CEO) and Representative Director. Bang was elected President with overwhelming shareholder support, winning the highest number of votes.
In his acceptance speech, Bang expressed gratitude to the shareholders and employees for their trust and support. He pledged to enhance corporate value and build a stronger foundation of trust with stakeholders. Bang emphasized the company’s commitment to achieving its vision of becoming a ‘Global Top-tier’ company by driving growth in core business areas such as Overseas Combustibles, Next Generation Product, and Health Functional Food.
To propel KT&G towards its ‘Global Top-tier’ vision, Bang introduced the ‘T-O-P strategy’. This strategy focuses on three keywords: ‘Trust’, ‘Origin’, and ‘Professionalism’. It highlights the company’s dedication to proactive engagement with stakeholders, establishing a strong brand identity, and securing global expertise.
Bang’s leadership experience and accomplishments were highlighted, including his role in solidifying KT&G’s leadership position in the domestic market and expanding the company’s overseas market presence to over 100 countries. As Chief Operating Officer, he has made significant contributions to driving growth in core business areas and enhancing shareholder value.
The Annual General Meeting also approved the appointment of Dong-hwan Shon and Sang-wook Kwak as Outside Directors, with Kwak also serving as an Audit Committee member. The newly formed Board of Directors is committed to driving the company’s growth and enhancing shareholder value.
Overall, Kyung-man Bang’s election as President and his strategic vision set the stage for KT&G’s growth and commitment to becoming a global leader in the tobacco and ginseng industry.
KT&G Corporation operates in the tobacco and ginseng industry. As a leading company in the market, KT&G has a strong presence both domestically and internationally. The company’s main business areas include Overseas Combustibles, Next Generation Product, and Health Functional Food.
In the tobacco industry, KT&G faces several challenges and opportunities. One of the major issues is the increasing regulations and restrictions on tobacco products in many countries. Governments around the world are implementing stricter smoking laws and taxation policies, which could potentially impact the company’s sales and profitability.
On the other hand, the company also sees potential in the emerging market for Next Generation Products (NGPs), such as e-cigarettes and heat-not-burn tobacco products. As more consumers look for alternatives to traditional cigarettes, KT&G has been investing in research and development to innovate and expand its NGP portfolio.
In the ginseng industry, KT&G is known for its Health Functional Food products. Ginseng has long been valued for its medicinal properties, and KT&G has capitalized on this by offering a range of ginseng-based products. The demand for natural and traditional remedies is growing, which presents opportunities for KT&G to further expand its Health Functional Food business.
According to market forecasts, the global tobacco industry is expected to experience moderate growth in the coming years. While the decline in cigarette consumption in developed countries is a challenge, increasing demand from emerging markets, such as Asia-Pacific and the Middle East, is likely to offset this decline. Additionally, the NGP market is projected to grow rapidly, driven by changing consumer preferences and advancements in technology.
To address these industry challenges and take advantage of market opportunities, KT&G’s President, Kyung-man Bang, has introduced the ‘T-O-P strategy’. This strategy aims to build trust with stakeholders, establish the company’s origin and brand identity, and foster professionalism through global expertise. By focusing on these key areas, KT&G aims to achieve its vision of becoming a global top-tier company.
Overall, Kyung-man Bang’s appointment as President and his strategic vision signal KT&G’s commitment to growth and becoming a global leader in the tobacco and ginseng industry. With a strong presence in both domestic and international markets, the company is well-positioned to navigate industry challenges and capitalize on emerging opportunities.
For more information about KT&G and its operations, you can visit their official website: KT&G Official Website.