Choi Jung-woo, POSCO Chairman, Reappointment Virtually Confirmed (Comprehensive)

CEO Candidate Recommendation Committee "The Right Person to Further Enhance the Group's Competitiveness in the Future"
Resolution at the Board Meeting on the 11th... Final Confirmation through the Shareholders' Meeting and Board Meeting in March Next Year

[Asia Economy Reporter Hwang Yoon-joo] The reappointment of Choi Jeong-woo, Chairman of POSCO, has been virtually confirmed.

On the 11th, POSCO held a board meeting at the POSCO Center in Daechi-dong, Seoul, and unanimously resolved to recommend Chairman Choi, whose term expires in March next year, as the next Chief Executive Officer (CEO) candidate to the shareholders' meeting. As he is the sole candidate, he has been virtually designated as the next chairman, and the reappointment will be finalized at the regular shareholders' meeting in March next year. The term will last until March 2024.

The CEO Candidate Recommendation Committee (CCR Committee) reported the qualification review results deeming him suitable as the next CEO candidate to the board on the same day. Following Chairman Choi's expression of intent to seek reappointment last month, the committee conducted a one-month qualification review. During this period, they conducted interviews with various internal and external stakeholders, including investment companies, clients, partners, and current and former executives and employees, totaling 11 sessions, and held seven meetings to perform an objective and thorough evaluation of management reforms and achievements since his inauguration.

In particular, the CCR Committee had a direct interview with Chairman Choi during its fifth meeting. In the six-hour interview, Chairman Choi presented the management direction for his second term as "innovation and growth." Specifically, he aims to fundamentally improve the management system and pursue not only quantitative but also qualitative growth across all areas, including steel, infrastructure, and new growth businesses, to enhance core competitiveness.

Chairman of the Board Jung Moon-gi explained, "Chairman Choi successfully led the recovery of the steel business despite difficult management conditions such as the COVID-19 pandemic by establishing a balanced and stable growth foundation within the group through restructuring," and added, "We highly evaluated his active discovery and investment in new growth engines such as secondary battery materials, contributing to the enhancement of future corporate value."

Chairman Jung added, "The CCR Committee members agreed that he is the right person to enhance POSCO's long-term value and competitiveness amid rapidly changing management environments."

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.

This content was produced with the assistance of AI translation services.