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KT newly creates control tower for investment Group Transformation division to oversee affiliates' IPO, M&A, and external partnerships

Translated by Kim So-in 공개 2021-09-24 08:09:46

이 기사는 2021년 09월 24일 08:07 더벨 유료페이지에 표출된 기사입니다.

KT, South Korea’s leading telecom company, has created an organization dedicated to new investments, mergers and acquisitions (M&A), and initial public offering (IPO) of its affiliates.

KT appointed Yoon Kyung-lim as president of the new organization, according to industry sources on September 17. The new organization, called Group Transformation, will directly report to KT CEO Koo Hyun-mo. It will oversee growth plans for KT affiliates, including IPOs, business strategies, domestic and foreign investment strategies, and external partnerships.

The Group Transformation division will primarily be responsible for M&As. Koo Hyun-mo has focused on securing new growth engines through a restructuring of affiliates. After taking office last year, Koo created the future value task force and promoted it to the future value promotion office earlier this year. KT’s management and planning division delegated its authority to carry out M&As to the future value promotion office, which has recently been transferred to the Group Transformation division.

Koo has decided to launch the Group Transformation division as he believed that the company needs to put more effort into new investments than he thought at the beginning of this year. Earlier this year, KT created KT Studio Genie to serve as the group’s control tower for its media content business while KT Alpha is leading its commerce and advertising business. This process is expected to accelerate the group’s new investments.

Born in 1963, Yoon had led KT’s media, future convergence and global businesses. KT’s decision to let the new organization serve as a control tower of IPOs is expected to speed up listings of its affiliates, with e-book service startup Millie's Library, Skylife TV, and web novel unit Storywiz being strong candidates. (Reporting by Pil-woo Choi)
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