POSCO expected to unveil finalist for next chairman soon

[Photo by Yonhap]

The search for the next chairman of South Korea’s POSCO Group is expected to be narrowed down to one candidate before the four-day Lunar New Year holiday which begins on February 9th, 2024.

POSCO Group announced on Wednesday that its CEO Candidate Recommendation Committee (CRC) for POSCO Holdings Inc. began in-depth interviews with the six candidates vying for the top role, which will take place over two days until Thursday.

The in-depth interviews will focus on each candidate’s expertise and leadership capabilities to lead POSCO Group to the next level. The CRC plans to hold a meeting and a provisional board meeting after the interviews wrap up on Thursday to finalize and announce the final candidate, who will then be proposed as the next chairman at the regular shareholders’ meeting scheduled for March 21st, 2024.

The CRC announced a shortlist of six chairman candidates on January 31st, who were identified via recommendations from within and outside POSCO.

The six candidates for the in-depth interview include Kwon Young-soo, former vice chairman of LG Energy Solution Ltd., Kim Dong-sub, chief executive officer 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 Co., Chang In-hwa, former president of POSCO, and Chon Jung-son, former president of POSCO Holdings.

Candidates Kwon Young-soo, Kim Dong-sub, and Woo Yoo-chul are the external candidates, while Kim Ji-yong, Chang In-hwa, and Chon Jung-sun are the internal ones.

The CRC attracted attention for breaking the tradition of forming a list of finalists centered around current and former POSCO personnel by including a significant number of external candidates with diverse professional backgrounds, ages, and origins. The approach is designed to foster a competitive dynamic among the candidates.