Posco CEO wants to stay at post for another three-year term

Posco CEO Choi Jeong-woo. [YONHAP]

Posco CEO Choi Jeong-woo expressed his desire to remain in his position for another term.

The company confirmed Choi’s wish during a board meeting held on Nov. 6 and started evaluations.

The process is expected to take around a month. The decision for the three-year term will be made final following the shareholder meeting and board meeting in March.

Choi’s term ends in March next year. He was named the CEO in July 2018.

His vision for the company upon inauguration was to help Posco become a company that can coexist with society, instead of solely pursuing profit.

Last month, Choi named new mobility, urbanization, digitization, decarbonization and deglobalization as key trends for the future of the steel industry during the “Steel Success Strategies” conference hosted by World Steel Dynamics.

In the second quarter, Posco reported its first quarterly loss since its founding in 1968. It reported a 108.5-billion-won ($97.7 million) operating loss that quarter from 724.3 billion won in operating profit from the same quarter last year. It swung back to 666.71 billion won in operating profit in the third quarter.

BY JIN MIN-JI [jin.minji@joongang.co.kr]