The sole candidate for chief executive of KT Corporation, Yun Kyoung-lim, has bowed out 20 days after his nomination amid opposition from the ruling camp and a prosecutorial probe into alleged corporate violations.

According to the nation's second-largest mobile carrier on Monday, Yun, currently head of the group's "transformation division," reconfirmed his position with the board of directors and submitted a formal withdrawal.

KT said the nominee made the decision to pave the way for the selection of a new CEO through improved corporate governance that exceeds the expectations of key interested parties.

Yun expressed his intent to withdraw during a meeting with the company's board members last Wednesday, which was reportedly met with attempts to dissuade him from terminating his candidacy.

Since Yun's nomination on March 7, the ruling People Power Party has accused KT of selecting candidates from within what it called a cartel led by current CEO Ku Hyeon-mo, urging the police and the prosecution to probe an alleged breach of trust.

Prosecutors launched an investigation of Ku and Yun earlier in the month over accusations of misappropriation of corporate funds and breach of trust.

The National Pension Service, KT's largest shareholder, was expected to follow up its criticism over a lack of fairness and transparency in the CEO selection process with a veto of Yun’s appointment during Friday's shareholder meeting.