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THE INVESTOR

Industrials

KEPCO chief to resign amid heightened prospects of winning nuclear deal in UK

  • PUBLISHED :December 07, 2017 - 11:18
  • UPDATED :December 07, 2017 - 11:18
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[THE INVESTOR] The head of Korea Electric Power Corp. has offered to quit, the company said on Dec. 7, after it was selected as the preferred bidder in a project to build a nuclear power plant in Britain.

Cho Hwan-eik said he thought that by stepping down he can “pave the way” for the younger generation and he is pleased to “leave the company in good spirits,” as KEPCO is one step closer to winning a deal to build two nuclear reactors in Moorside, northwest England.

Cho is set to leave the company in a ceremony scheduled on Dec. 8.

The former vice minister of trade, industry and energy took KEPCO‘s top post in December 2012 and won a second term that was set to end on March 27. In South Korea, it is not unusual for a leader of a public company to step down before his or her term ends.

Cho’s announcement came soon after KEPCO said it was selected as the preferred bidder by Toshiba.

The Japanese industrial giant has a 100 percent stake in the NuGen consortium in charge of building the nuclear power plant in Britain.

By Alex Lee and newswires (alexlee@heraldcorp.com)


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