Korea Electric Power Corp. (KEP:US), which supplies almost all the power in Asia's third-largest economy, said its board appointed Lee Won Gul as the company's next chief executive officer.
Shareholders will vote on March 26 whether to choose Lee, who was vice minister at the country's Ministry of Commerce, Industry and Energy until February, Korea Electric said in a regulatory filing to the Korea Exchange today.
Lee, 58, will replace Han Joon Ho, who has been chief executive since 2004. The term for a chief executive at Korea Electric is three years, today's statement said.
South Korea raised electricity prices twice during Han's term after global energy prices surged. The stock, the fourth- largest by value on the benchmark Kospi index, has risen 72 percent in the past three years.
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