Posco’s search for new CEO narrows to 11 candidates

Posco has narrowed its search for a new CEO down to 11 candidates, the company said on Wednesday.

A council of five outside directors tasked with appointing a new CEO narrowed down the search to six candidates from outside Posco and five candidates from within the company in a meeting on Tuesday.

The next meeting will narrow the total number of candidates to five, though the company did not give a specific date for the meeting. Korea’s largest steelmaker has been looking for a new chief executive after its current CEO, Kwon Oh-joon, announced his plan to resign in April. Kwon had about two years left in his second term.

Industry insiders expect the new CEO will take over in July. Once the nominee is approved by the board of directors meeting at the end of June and the shareholders meeting in July, the steelmaker will have a new CEO.

While previous Posco CEO appointments have been influenced by ruling administrations, the company released a statement Wednesday that said that its nomination process is not affected by politics.

BY KIM JEE-HEE [kim.jeehee@joongang.co.kr]