KT&G's Senior Executive Vice President Bang Kyung-man has cleared the final hurdle to become the company's CEO by winning shareholders approval Thursday, marking the cigarette maker's first leadership change in nine years.

The decision was made at the company’s 37th annual general meeting of shareholders, held at KT&G Human Resources Development Center in Daejeon.

“I am deeply grateful to the shareholders for entrusting me with the honorable opportunity to serve the company as CEO, and to the employees for their tireless work and dedication across both domestic and international business arenas," Bang said.

Since joining KT&G in 1998, Bang has held various management positions at the company. “Bang has garnered profound insight and expertise of the company’s overall business operations by serving leadership roles across diverse business areas,” an official from the company said.

When he was the managing director of brand management, KT&G solidified its leadership position in the domestic market by successfully launching ESSE Change, the company said.

While serving as the head of the company’s global business, Bang has helped KT&G to expand its market presence in over 100 countries and post 1 trillion won ($7.4 billion) of overseas sales, the company added.

The state-run Industrial Bank of Korea, the tobacco maker’s largest shareholder as of last year with a 7.11 percent stake, previously opposed Bang's nomination, saying that Bang was responsible for the company’s falling profitability. The IBK also asserted that Bang could have been involved in dubious business practices during his tenure as a board member.

The company’s shareholders, despite the IBK’s charges against him, endorsed Bang’s appointment. The National Pension Fund, which holds a 6.64 percent stake in KT&G, also voted in favor of Bang.

During Thursday's meeting, Sungkyunkwan University’s law professor and former judge Son Dong-hwan and former SK Materials CEO Lim Min-kyu were elected by shareholders to the independent board of directors.