Newly appointed CEO of South Korea’s leading telecom company KT Koo Hyun-mo on Monday relinquished his title as chairman, vowing independent and future-oriented management.

Koo, who was formerly head of KT’s customer and media division, officially received the green light as the new CEO and president during a shareholders meeting in Seoul.

The shareholders also approved the removal of the chairman position, as part of efforts to maximize roles of other decision-makers to improve its business decision-making process.

The chairman system, which was first introduced in 2009, has often been criticized for concentrating power.

In the meeting, Koo pledged to improve the company’s profitability of existing businesses including 5G, while seeking new opportunities in the other areas such as the artificial intelligence.

KT’s stock price this month plunged under 20,000 won ($16.40), marking a record low since it was listed.

Koo is set to serve his term at KT until 2023.

By Shim Woo-hyun (ws@heraldcorp.com)