POSCO's Choi Jeong-woo, No Third Term... "Not an Internal Recommended Candidate"

POSCO Holdings Holds 4th Candidate Recommendation Committee Meeting
8 Candidates Selected for Reputation Check in 1st Screening
Current Chairman Choi Jeong-woo Not Included in List

[Image source=Yonhap News]

Choi Jung-woo, Chairman of POSCO Group, will not seek a third term.

The POSCO Holdings Chairman Candidate Recommendation Committee held its 4th meeting on the 3rd and selected 8 internal candidates as the next stage's 'reputation inquiry subjects' through the first screening of the internal candidates who had submitted applications. Among these candidates, the name of the current POSCO Group Chairman Choi Jung-woo was not included. The names of the internal candidates subject to the reputation inquiry were also not disclosed. All members of the Candidate Recommendation Committee participated in this decision and resolved it unanimously.

In this screening, five basic candidate qualification requirements (management capability, industry expertise, global competency, leadership, integrity·ethics) were evaluated. In particular, the candidate's personal history over the past 30 years, internal reputation and evaluation records from the last 5 years, and various judgment factors related to new future leadership responsible for POSCO Group were comprehensively considered.

For the reputation inquiry subjects decided this time, a reliable external professional institution will be commissioned to conduct the reputation inquiry, and the results will be received by the 8th. Reflecting the contents, the 5th Candidate Recommendation Committee meeting on the 10th of this month will finalize the 'internal long-list candidates.'

Afterward, once the reputation inquiry results for the currently recruiting external candidates are compiled, the 'internal and external long-list' will be finalized on the 17th of this month, and opinions will be sought from the 'Candidate Recommendation Advisory Group' composed of external eminent figures.

Park Hee-jae, Chairman of the Candidate Recommendation Committee, promised, "I feel an immense responsibility in the important task of selecting a new group chairman who will be responsible for the future of POSCO Group, and I will do my best to ensure a fair and strict selection until the end."

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