POSCO Group longlists 18 chairman candidates

The CEO Candidate Recommendation Committee of POSCO Group has selected a long list of 18 candidates for the group’s next chairman. The committee will make a shortlist of candidates later this month, with input from outside experts from various fields.

The POSCO Group committee confirmed Wednesday a long list of 18 candidates, including 12 external candidates and six internal candidates. The group had initially disclosed a list of 22 candidates, from which three external and one internal candidate were excluded in the final selection.

While the reduction in the number of candidates was not substantial, it is interpreted as an attempt by the committee to minimize interference and ensure fairness in the selection process.

POSCO Group has historically appointed internal candidates as CEOs, but this time the number of external candidates is twice that of internal candidates.

The committee had previously secured a list of around 25 candidates through a process involving internal applications, recommendations from executive search firms, and shareholder recommendations. The list was then narrowed down to 18 based on external reputation assessments.

However, there is scrutiny over the fact that, despite relying on external reputation assessments, the committee reduced the number of internal candidates from seven to six in the final announcement.

The background behind this reduction remains undisclosed, with POSCO saying that it is difficult to reveal specific details about the rejection.

The shortlist, to be determined on January 24, is expected to see a significant reduction in the number of candidates. The committee said it will seek advice for the 18 candidates from the CEO Candidate Recommendation Advisory Panel, consisting of five external experts from various fields.

The panel, which includes professionals from the industry, legal, and academic sectors, will conduct fair qualification assessments based on self-introductions, reputation surveys, and other relevant documents provided by the candidates.