Former lawmaker Kim emerging as state utility KEPCO’s next CEO

Korea Electric Power Corp. Seoul head office [Photo by Lee Chung-woo]

Kim Dong-cheol, a former lawmaker from Gwangju, is rapidly emerging as a strong candidate for the next chief executive officer of state utility Korea Electric Power Corp. (KEPCO) as it appears more weight is being put on a politician to lead the company given the urgent need for organizational reform and innovation to address its severe financial difficulties.

According to sources on Wednesday, KEPCO will recruit candidates for the CEO position from June 22 to 30. Once a candidate selection process is completed through document screening and interviews, the Ministry of Trade, Industry and Energy will decide on the final candidate through personnel verification and deliberation by the Steering Committee of Public Institutions of the Ministry of Economy and Finance. If the candidate passes the KEPCO board of directors and shareholders’ meeting, the process will be concluded with a recommendation from the Minister of Trade, Industry, and Energy and appointed by the President.

Both politicians and bureaucrats are emerging as candidates for the next KEPCO CEO, according to the sources. In particular, Kim is being mentioned as a potential candidate. A graduate of Seoul National University with a degree in law, Kim was elected as a representative for Gwangju in the 17th general election in 2004 and served four terms until the 20th general election.

Kim served as the floor leader of the Bareunmirae Party during the 20th National Assembly. During last year’s presidential election, he served as a special advisor to presidential candidate Yoon Suk Yeol. After Yoon’s election, he served as vice chairman of the presidential transition team’s committee on national unity.

Kim Jong-seok, civilian chairman of the Presidential Regulatory Reform Committee, is also being mentioned. Kim served as a professor at Hongik University after graduating from Seoul National University with a degree in economics. He also served as president of the Yeouido Institute and entered the National Assembly as a proportional representative of the Saenuri Party, currently the ruling People Power Party, in the 20th general election.

As for candidates with a bureaucratic background, Woo Tae-hee, executive vice chairman of the Korea Chamber of Commerce and Industry and a former vice minister of trade, industry and energy during the Park Geun-hye administration, and Kim Jun-dong, former executive vice chairman of the Korea Chamber of Commerce and Industry, are being mentioned.

However, given KEPCO’s current crisis, many believe that candidates with a political background would be more suitable. This is because for the time being, KEPCO needs to focus on organizational management, such as implementing aggressive self-help efforts, and external matters related to realizing electricity rates.