Chang In-hwa named as next Posco chairman

Chang In-hwa is the sole candidate for Posco Holdings' next chairman.

Chang In-hwa

Chang In-hwa, former president of Posco, has been named the sole candidate for the chairman position at Posco Holdings.

Chang was tapped out of six shortlisted candidates after completing an in-depth two-day interview on Wednesday and Thursday.

“The Posco CEO Recommendation Committee determined that Chang In-hwa will do well in enhancing the competitiveness of Posco's new business and fortify the steel business' future competitiveness in the face of a low-carbon era,” said Park Hee-jae, chair of the committee, in a release on Thursday.

“All members of the committee agreed on prioritizing transparency, fairness and objectivity of the selection process. Without interference from outside, [the committee]worked hard to carry out their duties independently.”

Chang is a Seoul National University graduate with bachelor's and master’s degrees from Department of Naval Architecture and Ocean Engineering.

After obtaining a doctoral degree from the Massachusetts Institute of Technology in the same subject, Cha began working for the Posco-affiliated Research Institute of Industrial Science & Technology in 1988. He stayed there for 23 years.

The committee said it expects Chang to lead innovation centered on technology on the back of his engineering career.

The 69-year-old has held various positions at Posco since 2011, ranging from the investment to finance departments. He has contributed, in particular, to the establishment of a global network for steel as well as new businesses in 2018 when he served as the head of Posco's steel business department.

He was a runner-up when the current chairman, Choi Jeong-woo, was tapped to the position in 2018. Chang has served as an adviser since his retirement in 2021, staying up to date with Posco's current business agenda.

He is considered a friendly leader, as he got along well with the labor union while representing the company the company.

Shortlisted candidates included former LG Energy Solution CEO Kwon Young-soo and former Hyundai Steel Vice Chairman Woo Yoo-cheol.

Chang will be voted on at the general shareholders’ meeting and the board meeting in March.

BY JIN EUN-SOO [jin.eunsoo@joongang.co.kr]