Choi Jung-woo, POSCO Chairman, Virtually Confirmed for Reappointment

[Asia Economy Reporter Lim Chun-han] Choi Jung-woo, chairman of POSCO, has virtually secured his reappointment. On the 11th, POSCO held a board meeting and unanimously approved a proposal to recommend Chairman Choi as the next CEO candidate to the shareholders' meeting. Although procedures such as the shareholders' meeting resolution remain, as he is the sole candidate without competitors, he has been virtually designated as the next chairman.

The CEO Candidate Recommendation Committee (Candidate Committee) reported to the board on the results of the qualification review confirming Chairman Choi's suitability as the next CEO candidate.

Composed entirely of outside directors, the Candidate Committee conducted a qualification review for a month after Chairman Choi expressed his intention to seek reappointment at the board meeting on the 6th of last month, ahead of his term expiration in March next year. They conducted interviews with various internal and external stakeholders, including investment companies, clients, partners, and current and former executives and employees, over 11 sessions, and held 7 meetings to objectively and thoroughly evaluate his management reforms and achievements since taking office.

In particular, during the 5th meeting, they interviewed Chairman Choi directly for six hours, analyzing and discussing his past achievements and future management directions. At this meeting, Chairman Choi presented the direction for his second term as "innovation and growth." Specifically, he outlined plans to fundamentally improve management practices and pursue not only quantitative but also qualitative growth across all areas including steel, infrastructure, and new growth businesses, aiming to enhance core competitiveness.

Chairman Choi joined POSCO in 1983 and served as Chief Financial Officer, Head of Integrity Management, and Head of Value Management before becoming CEO in 2017. In 2018, he also served as CEO of POSCO Chemtech. Since July 2018, he has led POSCO, succeeding former chairman Kwon Oh-joon who stepped down mid-term. Chairman Choi will be officially reappointed following the shareholders' meeting and board resolution in March next year.

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