Cho nominated as KEPCO CEO

By Park Si-soo

Cho Hwan-ik New KEPCO CEO

Former Vice Minister of Industry Cho Hwan-ik was nominated as new president of state power monopoly KEPCO, the company said Monday.

The nomination was made during KEPCO’s extraordinary general meeting of its shareholders at its headquarters in southern Seoul. The nomination is subject to approval by President Lee Myung-bak.

The power company, in charge of a construction project of nuclear reactors in the United Arab Emirates, has remained headless since early November when Kim Joong-kyum offered his resignation following what observers called confrontation with the government over electricity rates.

“Former Vice Minister Cho will soon begin his three-year term following his official appointment by the president,” KEPCO said in a statement.

But it’s very likely that Cho will be short-lived in the position since Korea’s presidential election is on Wednesday. Heads of ministries, state-run organizations and companies are normally changed with the inauguration of a new head of state in February.

Born in 1950, Cho joined the government in 1973 after graduating from Seoul National University with a degree in political science. He has held various positions in relation to industry, including vice minister of industry in 2004, president of the Korea Trade Insurance Corporation in 2007 and president of the Korea Trade-Investment Promotion Agency in 2008.

KEPCO, then under Kim's leadership, sought to file a 4.4 trillion won ($4.1 billion) damages suit against the state-run power distributor Korea Power Exchange and the government, claiming it has lost money because they set electricity rates lower than it costs to produce.