Ten days after President Lee Jae-myung criticized INTOPS' exchangeable bond (EB) issuance structure, saying, "Isn't this stock manipulation?", INTOPS shifted to a professional management system. The move is seen as an effort to restore management stability and regain shareholder trust amid recent controversy over the stock price.
INTOPS disclosed on the 18th that CEO Kim Geun-ha resigned and Vice President Kim Hyun-ryang was appointed as the new CEO. The new chief executive has overseen the management control group and is an internal manager who has been with the company for more than 20 years. The company described the CEO change as "a strategic choice to enhance management stability and complete substantive organizational restructuring amid a rapidly changing external environment."
The former CEO, a second-generation member of the founding family, had worked at INTOPS for more than 20 years. The term was until Mar. 2028, but the resignation came midterm. The former CEO holds 2,964,489 INTOPS shares (17.24%) and, through the family company Platell, also holds 562,031 shares (3.27%).
The move came as allegations of "pressing down the stock price" surrounding INTOPS surfaced. Earlier, some media reported that for EBs backed by treasury shares issued by INTOPS, the structure allows the exercise of a call option (purchase claim) when the stock price exceeds a certain level, potentially creating an incentive for bondholders to suppress price gains. In addition, suspicions were raised that Platell's purchase of equity in this process was aimed at a future succession plan.
On the 8th, the president pointed to this issuance structure and said, "Isn't this stock manipulation?" In response, financial authorities including the Financial Services Commission, the Financial Supervisory Service, and the Korea Exchange (KRX) said they would begin reviewing the adequacy of disclosures and potential unfair trading.
Meanwhile, INTOPS on the 15th also announced a plan to cancel and additionally acquire treasury shares. The company will cancel all 735,393 treasury shares it already holds and enter into a trust agreement to acquire additional treasury shares worth 13 billion won. The company said it will pursue a total shareholder return program of 30.5 billion won, including the cancellation of about 17.5 billion won worth of existing treasury shares and the additional acquisition of 13 billion won in treasury shares.