Hong Eui-rak, a former lawmaker of the Democratic Party of Korea, has been appointed as CEO of Korea Gas Corporation.
Korea Gas Corporation held an extraordinary general meeting of shareholders on the morning of the 23rd and approved the appointment of Hong as its new CEO.
A graduate of Gyesung High School in Daegu and the Department of Agricultural Economics at Korea University, Hong served as a lawmaker in the 19th and 20th National Assemblies. In the latter half of the 20th National Assembly, he served as secretary of the Trade, Industry, Energy, SMEs and Startups Committee. During the 20th presidential election, in which he faced former President Yoon Suk-yeol, he served as chairman of the southern region economic policy committee under the central election campaign committee of Lee Jae-myung, then the Democratic Party of Korea's presidential candidate.
However, concerns have emerged both inside and outside Korea Gas over having a figure from a political background, rather than an energy expert, take the helm of the company. Worries about rising liquefied natural gas (LNG) prices are growing in the wake of the Middle East war, while the company also faces the heavy task of diversifying its LNG supply sources. Resolving its chronic unpaid receivables problem, which amounts to 14 trillion won, is another challenge.
Hong is set to be finally appointed as CEO after subsequent procedures, including a recommendation by the minister of trade, industry and energy and appointment by the president. The inauguration ceremony will be held sometime next week.
