State-run oil firm chief steps down

Korea National Oil Corp. CEO Kang Young-won stepped down from his post on Friday prior to the expected completion of his tenure that ends on Aug. 18.

It was not known why he resigned earlier than scheduled, but the move came after the Finance Ministry recently released its evaluation of public corporations’ performances last year.

The outgoing CEO received a B, the third-highest rating on a scale of five while the company received a D rating.

Kang had expressed his willingness to quit after news reports that the Board of Audit and Inspection criticized that the corporation for failing to bring any production from its overseas crude oil development projects.

“Our employees have worked very hard for the last four years, and ended up not receiving bonuses. (Kang) felt sorry and responsible,” the company’s spokesman Han Gwang-ryeol told The Korea Herald. “He was exhausted and said he needed a break.”

He also added that the government’s change in policy seeking the enlargement of the state-run oil company had aggravated the company’s debt.

By Chung Joo-won (joowonc@heraldcorp.com)