The candidate nominated to take over as CEO of South Korea-based KT removed his name from consideration just days before a meeting of shareholders to vote on the appointment, forcing the operator to rethink a long-delayed succession plan.
In a statement, KT explained the head of its transformation unit Yun Kyung-lim pulled out as nominee for the top position.
The former nominee felt KT should select a new CEO “through a governance restructuring that goes above the expectations of key stakeholders”, the operator stated.
KT added it is taking steps to stabilise management as early as possible.
The Korea Herald reported the move was prompted by the government putting pressure on some shareholders to vote against the appointment.
Officials apparently did not endorse Yun’s nomination.
KT’s board nominated Yun to replace current chief Ku Hyeon-mo, who withdrew his name from consideration in late February.
Ku will step down by 31 March, after a shareholders’ meeting.