Chairman leads Posco execs returning part of their salaries

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Chairman leads Posco execs returning part of their salaries

Posco, the nation’s largest steelmaker, said yesterday its executives will return 10 percent to 30 percent of their base salaries to the company to help improve profitability.

The move was led by Chairman Kwon Oh-joon, who officially became the head of the conglomerate Friday. Posco said that during the executive meeting on Tuesday, Kwon said he would give back 30 percent of his base salary. After Kwon’s announcement, Posco said other executives decided to join in, although the rate of varies from 10 percent to 25 percent.

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