KT (030200.KS) announced Thursday that independent director Cho Seung-ah has resigned due to a conflict of interest with Hyundai Motor Group, the company's largest shareholder.
The resignation came after it was determined that Cho's concurrent position as an independent director at Hyundai Steel, a Hyundai Motor Group affiliate, constitutes a disqualification under the Commercial Act given Hyundai's status as KT's largest shareholder.
Cho was appointed in June 2023 upon Hyundai Motor's recommendation. At the time, her dual role at Hyundai Steel did not pose a conflict as Hyundai Motor was not yet KT's largest shareholder.
However, in September last year, the National Pension Service sold its KT stake, making Hyundai Motor the largest shareholder. The board, including Cho herself, recently recognized that this change created a disqualification issue, leading to the resignation decision Thursday.
