POSCO unveils names of six chairman candidates
Former LG Energy Solution CEO Kwon Young-soo, ex-Hyundai Steel Vice Chairman Woo Yoo-cheol and Korea National Oil Corp. CEO Kim Dong-sub were included on a shortlist of candidates announced, Wednesday, to become the next chairman of POSCO Group.
The shortlist also included three former and current executives of the steelmaker — POSCO Holdings New Experience of Technology Hub Director Kim Ji-yong, former POSCO President Chang In-hwa and former POSCO Holdings President Chon Jung-son.
POSCO International CEO Jeong Tak and Kim Hag-dong, head of the group’s steelmaking unit, POSCO, were not on the list, contrary to speculation that the two are the strongest candidates.
This marks the first time since last December, when POSCO Group began the search for a new leader, that the company has revealed the names of its chairman candidates. The announcement comes in the midst of an investigation into outgoing Chairman Choi Jeong-woo and the non-executive directors of the steelmaker’s holding firm on allegations of going on extravagant overseas trips.
The group’s CEO recommendation committee is scheduled to conduct thorough interviews with the candidates on Feb. 7 and 8 and aims to finalize the selection of the new chairman on Feb. 8. The official appointment of the new chairman will take place after a general meeting of shareholders scheduled on March 21.
“To protect the privacy of candidates, we decided to disclose their names when we select the finalists,” the committee said in a statement. “We are doing our best to transparently review the candidates, as we are aware of the importance of selecting a new chairman to lead POSCO, a global company representing Korea.”
Before announcing the list of next chairman candidates, POSCO Holdings held a conference call on its 2023 earnings performance, which showed a 27.2 percent year-on-year decline in operating profit to 3.5 trillion won ($2.6 billion) and a 9 percent decrease in revenues to 77.1 trillion won.
Jeong Ki-seop, the company’s chief strategy officer (CSO), told analysts and institutional investors that POSCO Group will not retract its planned investments in the rechargeable battery industry, even after the appointment of the new chairman.
“The CEO recommendation committee is expected to choose a candidate who demonstrates a comprehensive understanding of our company’s growth strategies and possesses the capability to effectively advance and implement those strategies,” the CSO said. “If the U.S. presidential election or other factors force us to adjust our long-term strategies, we will speak with our investors.”