During a shareholders meeting, KT named Park Yoon-young as their new CEO and unveiled a comprehensive organizational restructuring and executive reshuffling strategy designed to enhance their primary telecommunications sector and drive progress in artificial intelligence (AI) development.
The reorganization entails a reduction of 30 percent in high-ranking executives and the complete replacement of crucial department leaders, all with the aim of regaining trust, enhancing operational efficiency, and simplifying management practices.
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In the realm of business-to-business operations, specifically the AX and AI divisions, the company has announced the appointment of ambitious and results-oriented young executives. This includes the promotion of two new vice presidents: Kim Bong-gyun, formerly the head of KT Engineering, who will now be in charge of the enterprise division, and Ok Kyung-hwa, previously a Senior Director in the IT Platform department, who will assume leadership of the entire IT division.
The company recently restructured its research and development division to form a specialized institution focused on artificial intelligence (AI) development. A new IT division has been established to supervise platform operations and modernize infrastructure.
The recently established AX business division, with a specific focus on business-to-business and AX segments, aims to consolidate various functions, such as strategy development, technology advancement, partnership management, and service expansion, which were previously dispersed across different divisions, under a cohesive leadership framework.
To improve the quality of service and the effectiveness of decision-making within the industry, the corporation implemented a reorganization strategy that consolidated its seven regional business units into four larger regional headquarters that are more closely aligned with the company's business-to-consumer, business-to-business, and network divisions.
Park, who began his career with Korea Telecom's predecessor in 1992, has accumulated over thirty years of experience with the company. During this time, he has held significant roles such as leading the future business division and overseeing the Convergence Research Division, allowing him to develop a deep understanding of both the business and technology aspects of the organization.
“CEO Park’s expertise in (AX), his growth strategy and his commitment to enhancing corporate value are expected to drive KT’s future growth,” the company says.
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“I want to show you through speed and execution rather than words and formality,” he says.
“The environment surrounding our core telecommunications business is becoming increasingly difficult, and our responsibility for security, networks, and quality has never been heavier”.
The new CEO underscored the importance of artificial intelligence as the primary catalyst for KT's upcoming stage, highlighting that this year will signify the commencement of that shift. To facilitate the transition to becoming an AX platform company, Park outlined strong foundational principles and defined clear growth objectives as essential elements of the strategy.
Emphasizing that the company will prioritize investments in network infrastructure, service quality, and cybersecurity, Park underscored the commitment to these critical areas as key priorities for organizational advancement. He also discussed upcoming technologies, stating that the company will take proactive measures to anticipate and spearhead advancements such as 6G, satellite communication, artificial intelligence-based radio access networks, and quantum security.
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“AI transformation is rapidly changing the order of industries and the very way companies exist,” he said. “We will develop KT into a national key telecommunications operator responsible for the present and future of Korea’s network, and into an AI platform company leading the AI era.”
An internal director appointment was made to KT Millie Seojae CEO Park Hyun-jin during the meeting, along with the addition of three new external directors.