12 Applicants Apply for CEO Position at Oil Corporation

[Sejong=Asia Economy Reporter Kwon Haeyoung] A total of 12 candidates have applied for the president position at Korea National Oil Corporation (KNOC).

According to the industry on the 23rd, 12 candidates, including several executives from the corporation, applied for the KNOC president recruitment which closed on the 19th.

KNOC's Executive Recommendation Committee will select five final candidates and recommend them to the Government Public Institution Management Committee (Gongunwi). If Gongunwi narrows the candidates down to two, the Minister of Trade, Industry and Energy will propose one, and the President will make the final appointment.

So far, KNOC presidents have mainly been CEOs from private companies or internal personnel. The current president, Yang Soo-young, whose term ends on the 21st of next month, previously served as vice president of POSCO Daewoo.

Although KNOC's financial situation is poor, with debts exceeding 20 trillion won as of the end of last year, leading to capital erosion, more candidates than expected applied.

In addition to KNOC, recruitment and appointment procedures for new presidents of public institutions under the Ministry of Trade, Industry and Energy are currently underway simultaneously.

Korea Electric Power Corporation (KEPCO) recently formed an executive recommendation committee ahead of President Kim Jong-gap's term expiration in April. The president of the Korea Resources Corporation, which has been under an acting president system since May 2018, is expected to be officially announced next week after going through Gongunwi this week, following the third recruitment process. It is known that Hwang Kyu-yeon, former director of the Korea Industrial Complex Corporation and a senior official at the Ministry of Trade, Industry and Energy, was recommended to Gongunwi. The Korea Trade-Investment Promotion Agency (KOTRA) also recently formed an executive recommendation committee ahead of President Kwon Pyung-oh's term expiration in April.

Additionally, five power generation companies under KEPCO?Namdong, Jungbu, Seobu, Nambu, Dongseo, and Seobu?conducted president recruitment procedures last month and have completed interviews.

This content was produced with the assistance of AI translation services.