Korea Electric Power Names Ex-Lawmaker as New CEO
By Kwanwoo Jun
Korea Electric Power has named Kim Dong-cheol, a former veteran lawmaker, as its new chief executive.
Kim, 68 years old, will lead the South Korean state utility for the next three years as soon as President Yoon Suk Yeol approves him, the company said in a statement Monday after its extraordinary shareholders' meeting.
The CEO designate was a legislator at the National Assembly four times from 2004 to 2020.
Korea Electric needs legislative support to raise electricity tariffs at home and restructure its unprofitable businesses.
Higher fuel-purchase costs and suppressed tariff increases in South Korea have kept the company in the red for years since the second quarter of 2021.
Write to Kwanwoo Jun at kwanwoo.jun@wsj.com
(END) Dow Jones Newswires
September 18, 2023 01:20 ET (05:20 GMT)
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