POSCO Holdings breaks tradition with diverse slate of CEO candidates

[Photo by Yonhap]

The recently unveiled list of finalists for the CEO position for POSCO Holdings stands out for its diversity in backgrounds, capturing attention in the corporate landscape.

On Wednesday, the company’s CEO Candidate Recommendation Committee shortlisted six candidates, marking a departure from the convention of heavily favoring internal candidates.

[Courtesy of POSCO]

The finalists include Kwon Young-soo, former vice chairman of LG Energy Solution, Kim Dong-sub, chief executive officer (CEO) of Korea National Oil Corp., Kim Ji-yong, director of POSCO Holdings New Experience of Technology Hub, Woo Yoo-cheol, former vice chairman of Hyundai Steel, Chang In-hwa, former president of POSCO, and Chon Jung-son, former president of POSCO Holdings.

Breaking from the tradition of predominantly selecting candidates with a POSCO background, the committee has intentionally included a significant number of external candidates with diverse professional backgrounds, ages, and origins. This multi-faceted approach is designed to foster a competitive dynamic among the candidates.

The six candidates will undergo a two-day interview process on February 7 and 8. A finalist will be announced on the afternoon of February 8.

The first notable distinction among the finalists is the division between steel and non-steel sectors. The only current POSCO Group executive among the finalists, Kim Ji-yong, is a steel specialist, having graduated from Seoul National University with a degree in metallurgical engineering.

Currently serving as the chief technology officer (CTO) for the group, Kim oversees innovations in new businesses, including battery materials and hydrogen.

Chang, coming from an engineering background, holds expertise in new businesses, finance, and marketing, providing a comprehensive understanding of the entire group.

Woo, former vice chairman, is recognized as a specialist who contributed to the development of Hyundai Steel, particularly leading the construction of Hyundai Steel’s integrated steel mill in Dangjin, South Chungcheong Province.

On the other hand, Chon, categorized as a strategist, has earned praise for successfully leading POSCO Group’s transformation into a holding company through roles like the head of POSCO Holdings’ management strategy.

Kwon, former vice chairman at LG, brings financial expertise, having held key positions across LG Group and served as the inaugural CEO of LG Energy Solution. Kim Dong-sub, a petroleum industry expert, worked at Shell for two decades and held positions such as the head of SK innovation’s research center.

Notably, the candidates’ regional origins are split between Seoul and Yeongnam.

Kwon, Woo, and Chang are alumni of Kyunggi High School in Seoul. In contrast, Kim Dong-sub (Kyungpook National University High School), Kim Ji-yong (Busan Dongin High School), and Chon Jung-son (Gyeongbuk Andong High School) hail from Yeongnam. All five candidates, excluding Chon (Korea University), are alumni of Seoul National University.

In an era where corporate leadership is witnessing a generational shift, with CEOs born in the 1970s taking the helm, POSCO Group’s decision to consider candidates born in the 1950s and early 1960s is noteworthy.

Among the finalists, Chon Jung-son and Kim Ji-yong, both born in 1962, are the youngest, signaling a blend of experience and fresh perspectives. Kwon Young-soo, Kim Dong-sub, and Woo Yoo-cheol were born in 1957, while Chang In-hwa was born in 1955.

The committee emphasized its focus on professionalism and leadership capabilities, underscoring the importance of these traits for the future advancement and transformation of POSCO Group.