Bang Kyung-man, CEO of KT&G/ Courtesy of KT&G

KT&G, Korea's dominant cigarette maker, on Thursday appointed Senior Executive Vice President Bang Kyung-man as its new chief executive after shareholders endorsed his nomination at an annual meeting.

Bang has served in various capacities at KT&G since 1998, and it marked KT&G's first leadership change in nine years.

Shareholders of KT&G also approved former judge Sohn Dong-hwan as a new board member.

The state-run Industrial Bank of Korea (IBK), which held a 7.11 percent stake in KT&G as of the end of last year, had opposed Bang's nomination, citing falling profitability and dubious business practices during Bang's tenure as a board member.

The National Pension Fund (NPF), which holds a 6.64 percent stake in KT&G, however, had decided to vote in favor of Bang.

Additionally, both IBK and the NPF had thrown their support behind Sohn as the new outside director of the cigarette maker. (Yonhap)