Ex-LG Elec vice president named new KEPCO CEO
SEOUL, Aug 20 (Reuters) - Korea Electric Power Corp (015760.KS) said on Wednesday it has appointed a former LG Electronics Vice President Kim Ssang-su as its new chief executive.
Kim is the first CEO of the state-run power monopoly to have served as an executive in a large private firm such as LG Electronics Inc (066570.KS).
Kim will head the utility firm for three years once the appointment is officially approved by President Lee Myung-bak, KEPCO said in a statement.
Kim, often credited as the brain behind LG Electronics' rise in becoming the country's top home appliances maker, was replaced during a management reshuffle in 2006.
KEPCO, South Korea's fifth-largest company with a market capitalisation of $19 billion, has been suffering from high fuel costs this year.
The state-run company swung to a net loss of 764 billion won in the second quarter, from a net profit of 265.6 billion a year earlier. [ID:nSEO100284]
KEPCO shares were up 1.59 percent at 31,850 won as of 0228 GMT, outperforming the wider market's 0.55 percent fall. (Reporting by Angela Moon; Editing by Keiron Henderson)
