The CEO of a Korean public company has won the Presidential Citation Award for his world-class managerial prowess.
The CEO of Korea South East Power (KOSEP), Jang Do-soo, was awarded the Presidential Citation Award at the 2010 SAVE (Society Of American Value Engineers) International Conference on June 9 in Los Angeles.
SAVE International, part of the Miles Value Foundation (MVF), gives the Presidential Citation Award to CEOs who make great contributions to corporate value management. Former vice president of Samsung Electronics, Yoon Jong-yong, became the first Korean CEO to win the honor in 2001, thereby making CEO Jang the second award recipient in Korea.
CEO Jang launched a facility safety campaign based on autonomy, intrapreneuring (intercorporate entrepreneuring) and TPM (Total Productivity management) tactics and reduced the construction costs of new power plants by executing his excellent managerial capability. The result was very successful, as evidenced by his winning of the world's prestigious management award.
CEO Jang has pushed for value management and cost price reductions across the board since he became the CEO of KOSEP in October in 2008.
The SAVE International Conference is annually hosted by SAVE International, an international society devoted to the advancement and promotion of the value methodology (also called value engineering or value management), with members in 35 nations. Backed by the US federal government, the SAVE International Conference is held to facilitate exchanges among value engineers, hold theses presentations, improve the value of construction projects and share value engineering methodologies.
This year, the 50th SAVE International Conference was held under the theme of Cruising For Value on June 7 through 10 in Long Beach, a city located in southern California and was participated in by hundreds of people from the US, the UK, China and Japan. Nearly 30 Korean VE experts from companies like Samsung Electronics and Hyundai Motor partook in the event, and presented their theses to discuss ways to move VE forward.
CEO Jang's Major Managerial Achievements in 2009
2008 2009 Improvement
Production cost KRW 79.16/kWh 66.90won/kWh A y-o-y decline of 15.5 percent
Electricity sales 48,799 GWh 57,459 GWh A y-o-y 18 percent increase
Short-term net profit-KRW 139.5 billion-KRW 211.6 billion A y-o-y rise of KRW 351.1 billion