POSCO Chairman Choi Jeong-woo, whose term is to expire in March next year, was unanimously recommended by POSCO's board of directors as a candidate for the next CEO on Dec. 11.
The recommendation came after the CEO candidate nomination committee, which consists of all outside directors, reported to the board the results of its review of qualifications that Chairman Choi is suitable for the next CEO candidate.
The board of directors voted last month to form a committee and examine Choi's qualifications as the next CEO following Choi's announcement of his intention to serve a second term.
Over the past month, the committee conducted interviews with various internal and external officials, including investment companies, customers, business partners, and former executives and employees, and held seven meetings to conduct objective and close assessments of management reform and performance since taking office.
During the fifth meeting, they also met Choi in person for six hours and conducted in-depth analysis and heated discussions on his achievements and future management directions.
At the meeting, Choi explained the second-term management direction as "innovation and growth," and emphasized not only fundamental improvements in management activities and quantitative growth across all areas, including steel, infrastructure and new growth projects, but also qualitative growth, or core competitiveness.
Chung Moon-ki, chairman of the board of directors, said, "Choi has established a balanced and stable growth base for the group's businesses through restructuring, successfully led the recovery of the steel business even under difficult management conditions such as COVID-19, and actively discovered and invested new growth engines such as secondary battery materials to improve future corporate value."
Chairman Choi Jeong-woo will be re-elected as chairman in March next year after a shareholders' meeting and a resolution by the board of directors.