Jang becomes first insider to head KOGAS

By Choi Kyong-ae

Jang Seok-hyo KOGAS CEO

For the first time in its 30-year history, Korea Gas Corporation (KOGAS) on Tuesday appointed one of its own employees as president and chief executive of the world’s biggest gas buyer. Previous appointees were selected from outside the company.

Jang Seok-hyo, 57 years old, has spent 30 years at the state-run gas company, mainly in charge of purchasing gas resources.

After his nomination was announced, Jang said that KOGAS will focus on lowering debt ratios and getting its finances back on track, according to company spokesman Lee Sang-wook.

“KOGAS will make a thorough review of (ongoing and future) business projects as it aims to regain financial health amid a high ratio of debts resulting from failed investments in overseas resources development (in the past several years),” the president said.

KOGAS’s investment gains from overseas assets plunged to $96 million for a five year period ending in 2012, compared to an accumulated $2.01 billion before 1999, according to the National Assembly Budget Office.

“Jang will take office after he receives a certificate of appointment from President Park Geun-hye within this week,” said the spokesman.

Most recently, Jang was executive vice- president of KOGAS resources business division.

The hunt for a candidate to fill the top position at KOGAS was watched closely because it was the first appointment of a president at a public organization since the Park government announced that it would be stricter in its selection of candidates for such positions.

Jang earned a master’s degree in business administration at the University of Minnesota in 1989.