The board will soon decide the resignation date and discuss a successor to Lee, who also held the role of chairman, the Seongnam, South Korea-based carrier said in an e-mailed statement yesterday.
Prosecutors raided KT’s headquarters and Lee’s home last month as they investigate allegations the company incurred losses on asset selloffs and bad investments. People’s Solidarity for Participatory Democracy, a South Korean civic group, filed a lawsuit against the chairman in February, alleging Lee caused about 80 billion won ($75 million) of losses to the company by selling property too cheaply.
“Seeing executives and staff members suffering, I could no longer delay the resignation,” Lee said in an e-mail to employees yesterday. “I am also open to disclose all my salary and stock bonuses, if the company can be freed from the recent allegations and speculations.”
KT didn’t sell assets at low prices, Kim Dong Woo, a spokesman for the company, said by phone today.
To contact the reporter on this story: Jungah Lee in Seoul at email@example.com
To contact the editor responsible for this story: Michael Tighe at firstname.lastname@example.org