BUSINESS

Kepco President Cho to resign upon nearing UK nuclear bid win

By Shim Woo-hyun
  • Published : Dec 7, 2017 - 16:37
  • Updated : Dec 7, 2017 - 16:37
Korea Electric Power Corporation CEO Cho Hwan-eik will resign Friday, more than three months ahead of the official end of his term in March, the company said Thursday.

Cho‘s resignation announcement came just a day after Kepco was selected as the preferred bidder in the Moorside nuclear power plant project in the UK. 

(Yonhap)

Cho had reportedly shown his intention to retire before the official end of his term, but had postponed the decision largely due to the nuclear project deal.

“I am happy to resign after Kepco secured the nuclear deal in the UK,” Cho said in a statement. “I had considered retirement for a long time, to pave the way for successors to come, but (I was) concerned as well because the company had the large nuclear deal just ahead,” Cho explained.

Cho has served three consecutive terms at Korea’s state-run utility provider Kepco dating to 2012.

Cho was formerly vice minister for the Ministry of Trade, Industry and Energy. Cho also served as president of the Korea Trade-Investment Promotion Agency and Korea Trade Insurance.

Cho‘s retirement ceremony will be held Friday at the company’s headquarters in Naju, South Jeolla Province.

The next CEO of Kepco is expected to be appointed in two to three months. Oh Young-sik, a former two-term lawmaker for the Democratic Party of Korea, has been touted as one of the favored candidates for the position.

By Shim Woo-hyun (ws@heraldcorp.com)