SEOUL, Sept. 1 (Yonhap) — It is anticipated that a former legislator will be designated as the new CEO of the troubled state-run utility firm Korea Electric Power Corp. (KEPCO) at the end of this month, according to company officials on Friday.
At a special board meeting, the agenda for the shareholders’ meeting later this month was approved, which is to pick Kim Dong-cheol, a four-term lawmaker, as its new CEO, officials said.
The Ministry of Trade, Industry and Energy recommended Kim as the sole candidate for the next CEO of KEPCO on Thursday. His appointment is subject to approval by President Yoon Suk Yeol, and if appointed, Kim will be the first politician-turned-CEO of the utility firm since its establishment in 1961.
The top position at KEPCO has been vacant since May when then CEO Cheong Seung-il resigned, taking responsibility for the company’s snowballing losses and financial troubles.
KEPCO’s operating loss last year was a record high of 32.63 trillion won (US$24.74 billion), more than quadruple from the year before, largely due to high global energy prices and limited increases in electricity rates.
Kim, 67, worked at the Korea Development Bank for about seven years before he became a political aide to a lawmaker in 1989. He was elected to the National Assembly in 2004 and served as a lawmaker until 2020. He was mostly affiliated with liberal parties and acted as a floor leader for the now-defunct People’s Party and the minor Bareunmirae Party.
In 2021, Kim worked for Yoon to support his presidential election bid and joined his transition team last year.
This photo taken Oct. 11, 2019, shows then lawmaker Kim Dong-cheol speaking at the National Assembly. (Yonhap)
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