South Korea’s state-run Korea Electric Power Corp. (KEPCO)’s chief executive Cho Hwan-eik has secured a third term, becoming the longest-serving head of the Korean state utility firm.
The extension of his term gained approval from shareholders on Tuesday.
Cho would beat out Lee Jong-hoon who served for five years from April, 1993 to April, 1998, by another two months if he keeps his seat until February next year.
While under his helm, KEPCO gained a huge profit by selling its headquarters building in southern Seoul to Hyundai Motor for 10.5 trillion won ($9.4 billion) and moving to Naju, South Jeolla Province. KEPCO has not lost top debt rating by international agencies Fitch, Standard & Poor’s and Moody’s.
Cho said he will devote next year in expanding renewable energy market at home and venturing overseas.
By Kim Jung-hwan
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]