National Oil Corp. to select new CEO
By Lee Hyo-sik
Kim jung-rae KNOC CEO nominee
The former chief of Hyundai Heavy Industries (HHI) will likely head the Korea National Oil Corp. (KNOC), replacing current CEO Suh Moon-kyu whose term expired last August, according to the Ministry of Trade, Industry and Energy, Thursday.
The state-run oil company has submitted a shortlist of three candidates to the trade ministry, which will hold an ad-hoc committee to select one of the candidates to be the next KNOC CEO. Trade Minister Joo Hyung-hwan will then forward the recommendation to President Park Geun-hye. Once she approves the recommendation, the nominee will then manage the state-run enterprise for a three-year term.
According to the ministry, Kim Jung-rae, who served as HHI CEO from 2013 to 2014, will likely become the next KNOC CEO.
“I heard former HHI CEO Kim has been nominated to head the KNOC,” said a person familiar with the matter. “If things go as scheduled, he will take office early next week.”
Kim, who earned a bachelor’s degree in business administration from Seoul National University, began his career at Hyundai Engineering and Construction in 1976. He also served as the CEO of Hyundai Corp., HHI’s trading unit.
KNOC, which has been reeling from snowballing losses following a number of failed oil exploration projects abroad, was at a standstill under the leadership of Suh whose mandate was concluded five months ago.