Ukraine has appointed Serhii Koretskyi as its new prime minister, marking a departure from traditional political appointments. At 48 years old, Koretskyi brings a background in engineering and two decades of corporate management experience, particularly within the fuel and food industries, rather than a typical career path through political parties or the civil service.
President Volodymyr Zelenskyy has officially tasked Koretskyi with steering the nation through what is anticipated to be the most challenging winter of the ongoing war, due to persistent Russian attacks on infrastructure. Koretskyi is the third person to hold the prime minister position since the start of Russia's full-scale invasion.
Addressing parliament, Koretskyi outlined his immediate priorities: stabilizing the economy, ensuring the efficient use of international aid, expanding domestic arms production, and, crucially, protecting the country's energy system. Zelenskyy has described him as the most prepared candidate for the role, specifically emphasizing his focus on winter readiness.
Koretskyi previously earned a reputation as an effective crisis manager while running troubled state-owned enterprises. In 2022, he took charge of oil producer Ukrnafta and refinery operator Ukrtatnafta following the government's seizure of the companies from oligarch Ihor Kolomoiskyi. Under his leadership, Ukrnafta achieved record profits, cleared tax debts, and became a significant contributor to the war effort by supplying the military with fuel and funding drone production.
In 2023, he transitioned to lead the state energy giant Naftogaz at a critical time when gas reserves were at record lows following intensified Russian strikes. His tenure there involved a sweeping audit and internal restructuring, which included streamlining staffing and eliminating overlapping functions. These efforts resulted in rebuilding gas reserves to over 13 billion cubic meters and raising nearly $1 billion. As he steps into the role of prime minister, Koretskyi faces the complex challenge of managing a cash-strapped wartime government that will require significant political dexterity and diplomacy.
Quickly, he garnered a reputation as an effective crisis manager, reviving struggling state enterprises and making them profitable.
Now, he faces his biggest management challenge yet, one where business acumen alone will not be enough. Leading Ukraine’s cash-strapped wartime government will require political dexterity, diplomacy and power plays.
