KOTRA President Cho Hwan-eik took office as the 19th president of Korea Electric Power Corp. on Dec. 17 and pledged to do his utmost to ensure a stable supply of electricity. 

Earlier on the same day, KEPCO held an interim shareholders’ meeting and approved KOTRA President Cho’s appoint as the 19th KEPCO president. Cho served as the vice minister of the Ministry of Commerce, Industry and Energy, the predecessor of the Ministry of Knowledge Economy.

Cho said in his inaugural speech, “KEPCO will be committed to preserving its core value of ensuring a stable supply of electricity, and KEPCO will do its utmost to do as much as possible.”

Cho said he believes that more weight should be given to the electricity being a public good, but stressed the public interests of public goods would dent the operation of businesses, so there is a need for a balanced management by targeting its public value and also reflecting its corporate aspects. 

He said that reform can be made only when an organization accepts it and reinvents itself on its own. Cho said KEPCO is not the target of liquidation, and he will perform his duties with a loving heart toward KEPCO as its CEO. The new president said he will knock down the pending issues one by one after repositioning manpower at proper positions and taking an in-depth look at the reality and the current situation plainly.

Cho stressed the importance of communication, adding that building confidence with the inside and outside of his company is badly needed. He emphasized not only two-way internal communication, but also active communication with the outside °™ customers, the government, shareholders and the news media.    

He appealed for his executives and staff to regain the pride and luster of KEPCO in the electricity industry after setting “Again KEPCO” as the future course, which he said means going “back to the future” in a sense.

The new CEO carried out a massive reshuffle promoting 254 employees on Dec. 18, one day after he was inaugurated, indicating the speedy management he promised during his inaugural speech. The promotions included 33 in the 1st-A-class category. 

The personnel change was originally scheduled in early November, but it was delayed because Cho’s predecessor, ex-CEO KIM Joong-kyum stepped down abruptly in a row with the government over a raise in electricity charges.

The new CEO said initially he said he would reshuffle his executives and staff some time soon, possibly within this year, but he conducted personnel changes the day after his inauguration in an apparent bid to stabilize its operation and cope with an electricity shortage that looms large this winter.  

Cho’s speedy personnel change was based on his management style of fast decision-making, industry analysts said. He said in his inaugural speech that he will stick to his management tenets -- SOS (soft, open, and speedy) meaning addressing the pending issues in a fast manner with an open, soft mindset.

The new president will likely attempt to cope with the pending issues, including the expanding of power capacity for solving a power shortage, the realization of electricity charges, which are still below production costs, and the establishment of its identity pitting the public good and business feasibility against each other in a more swift manner, KEPCO officials said. 

Cho toured the power supply situation room to review its preparedness for a stable supply of electricity shortly after his inauguration. The nation was put on an alert footing against a possible power shortage, which is aggravated by the unexpected interruption of operation at power plants caused by malfunctions.