Posco excludes current chief Choi Jeong-woo from next chairman candidate list

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Posco excludes current chief Choi Jeong-woo from next chairman candidate list

Published: 03 Jan. 2024, 14:44

SARAH CHEA
chea.sarah@joongang.co.kr

Posco Holdings Chairman Choi Jeong-woo speaks at a ceremony in Pohang, North Gyeongsang. [YONHAP]

Posco Holdings excluded current chairman Choi Jeong-woo from the company's list of internal candidates for its next chief.

This means Choi will not serve a third term as chairman. He has served two terms since March 2021, with his second term ending in March.

Posco Holdings criticized by NPS head for opaque appointments

The Korean company's CEO Recommendation Committee said Wednesday it chose eight candidates internally after its first round of screenings.

“The candidates were selected unanimously by the committee, and Choi is not on the list,” Posco Holdings said in a statement.

The candidates were screened according to five factors, including their management capabilities and expertise in the industry.

Posco Holdings Chairman Choi Jeong-woo

The company said it would decide on a complete list of about 30 candidates, including candidates from outside, on Jan. 10.

The final candidates will have interviews in February to select a final candidate to vote upon in the regular shareholder meeting scheduled for mid-March.

The internal recommendation list reportedly includes Kim Hag-dong, CEO of Posco, Jeong Ki-seop, president at Posco Holdings, Jeong Tak, vice chairman of Posco International and Kim Jun-hyung, president at Posco Future M.

Kwon Young-soo, former CEO and vice chairman of LG Energy Solution, is reportedly being considered as an outside candidate.

BY SARAH CHEA [chea.sarah@joongang.co.kr]