As an Asian I can tell you that Asians, especially the older folk like the CEO in question, are incredibly racist. What he said is not considered to be politically incorrect.
If you look at other news sites for instance Japanese, Korean, and (perhaps Chinese) media he didn't say just Koreans. He used a Chinese racist slur for Koreans "高麗棒子."
Granted this is Asia. Having lived in Korea half my life (and America) I've heard far worse. But to my American mannerism, the use of the slur was not PC. If he had just left it at Koreans, I would just think it's a bitter CEO trying to take his bitterness out on the competitive market.