SEOUL, Sept. 18 (Yonhap) — Kim Dong-cheol, a former four-term legislator, was selected to be the CEO of Korea Electric Power Corp. (KEPCO) on Monday, according to company officials.
The shareholders’ meeting held at KEPCO’s headquarters in Naju approved his appointment after the Ministry of Trade, Industry and Energy recommended him as the only candidate for the post.
His appointment needs to be approved by President Yoon Suk Yeol. If confirmed, Kim will be the first politician-turned-CEO of the utility firm since its establishment in 1961.
The KEPCO top post has been vacant since May, when the then CEO Cheong Seung-il resigned, taking responsibility for the company’s losses and financial issues.
Last year, KEPCO reported a record-high operating loss of 32.63 trillion won (US$24.59 billion), mainly due to high global energy prices and limited electricity rate hikes.
As of the end of June, KEPCO’s total debt amounted to 201.4 trillion won, the largest among all South Korean listed firms, according to government data.
This file photo taken Oct. 11, 2019, shows then lawmaker Kim Dong-cheol speaking at the National Assembly. (Yonhap)
Kim, 67, worked for the Korea Development Bank for about seven years before joining politics as an aide to a lawmaker in 1989. He was elected to the National Assembly in 2004 and served until 2020.
Kim was affiliated with liberal parties, and served as a floor leader of the now-defunct People’s Party and the minor Bareunmirae Party.
In 2021, he worked for Yoon to support his presidential election bid and served as a member of his transition team last year.
graceoh@yna.co.kr
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