Beefing Up Competitive
Edge for Sustainable Growth

New KOSEP CEO Gwak unveils four management tasks

Gwak Yeong-uk, president and CEO of Korea South East Power Co. (KOSEP), delivered his inaugural speech on April 3 when he took the helm at the power generating company. The following are the excerpts of his speech.
I understand that KOSEP officers and staff have devoted themselves to bearing fruitful business performances and making KOSEP competitive despite difficulties for the past six years following its inauguration as one of the six electricity companies. I vow to make my utmost to make KOSEP a world-class power company by capitalizing on my experiences and expertise as well as the performances you have achieved.
Of late, all industrial fields, including the electricity industry, have been seen business environment getting worsening. We face a heap of issues we have to solve, including a slowdown of economic growth, raw material price hikes and strengthened environmental regulations. In addition, competition among power companies are getting fierce and the demand for management innovation of public organizations has been getting higher than before. Now is the time when staffers throw their heart and soul and are on the alert.
At this juncture, I'm like to focus on the following management tasks and ask officers and staff members to work for their successful implementation.
First, I will strive for raising our corporate value by stepping up profitability. In an era of unlimited competition, corporate value is the purpose of corporate survival and barometer for growth and development. Even though our ultimate target is to pursue public interests, in reality, our management goal is to focus on raising corporate value by strengthening profitability.
To this end, we need to improve productivity by raising power equipment utilization rate and conducting advanced unit price management activities in the short-term perspective. In the long-term prospective, KOSEP will continue to improve profitability by revamping equipment portfolios and raise reliability and efficiency of power facilities by improving power generation management technologies based on state-of-the-art IT technologies.
Secondly, I will strengthen management innovation and technology capabilities to prepare for the future. As we need to sow the good seed and raise it to make a harvest of a grain, our company may be guaranteed with a sustainable growth when we have excellent basic technology and business management system. To this end, I will endeavor to beef up the competitive edge of the future through strengthened technology capability and improving management efficiency through constant and regular change management.
We will strive to improve management efficiency by introducing advanced management systems and innovation techniques and a continuous expansion of R&D outlays while cultivating our excellent power facility experts. In addition, KOSEP will put more energy into expanding futuristic growth engines by carrying out new and renewable energy resource projects with a viable potential and participating in community energy projects.
Thirdly, we will work toward the creation of a corporate culture of dynamics. It depends on whether all staff members may love their company, give cares and maintain a working attitude full of passion and enthusiasm and inherit on them as a tradition. I will revamp relevant regimes and systems so that their value may be compatible with their corporate value by creating a corporate culture of dynamics and gifted manpower can demonstrate their capability at the fullest level.
Labor-management co-prosperity is a management tenet I have been emphasized. I will strive to create a new labor-management culture - participation and collaboration - by conducting dialogues and candid consultations with labor based on mutual reliability. I will also attach priority on adopting performance-based personnel management policies, expand rewards for employees with high performances and cultivating managers and core gifted manpower who take the initiative in making changes. We will also strive to make KOSEP a transparent and reliable company by advancing a sense of ethical awareness and reinforcing social contribution activities.
The aforementioned tasks can be realized by our all members who join forces, not only by the CEO's determination or any staffer. When all staff members try to accommodate new things, work for changes and development and love and value their company, every things will have synergetic effects with harmony, thus achieving more than our goal of evolving into a world-class corporation.
nw

Gwak Yeong-uk, president and CEO of Korea South East Power Co.