22 internal and external figures were included in the list of candidates for the next chairman of POSCO Group, who are scheduled to be replaced in March. It was announced on the 10th that Kwon Young-soo (67), former vice chairman of LG Energy Solutions, who was previously ranked in the Hippopulation rankings, was also recommended and included as an external candidate.
The CEO Candidate Recommendation Committee (Future Committee), which oversees the selection process for POSCO Group’s next chairman, held its 5th meeting on the 10th. After the meeting ended, the Fuchu Committee issued a press release saying, “As a result of external candidates being recommended by shareholders holding more than 0.5% of the shares and 10 search firms (headhunting companies), a total of 20 candidates were recommended as of the 8th,” and “1 at the meeting that day.” “Through the secondary screening, 15 out of 20 people were selected as ‘subjects to an external reputation check’ and requested a reputation check,” he said.
Former Vice Chairman Kwon is said to have submitted a letter of recommendation and the documents necessary for evaluation through a headhunting company.
Separately from this, the Fuchu Committee explained that out of the eight POSCO Group internal candidates who had previously requested a reputation check, seven people, excluding one, were selected as internal candidates. POSCO personnel include three internal directors of POSCO Holdings (Ki-seop Jeong, CEO Ji-yong Kim, and Vice President Byung-ok Yoo) and five representatives of affiliates (Vice Chairman Hak-dong of POSCO, Si-woo Lee, President of POSCO, Sung-hee Han, President of POSCO E&C, Tak Jeong, Vice Chairman of POSCO International, and Jun-hyung Kim, President of POSCO Future M). Four advisors (former POSCO Holdings President Jeon Jung-seon, former POSCO President In-hwa In-hwa, former POSCO Vice President Yoo Sung, and former POSCO Holdings Vice President Jeong Chang-hwa) are being mentioned as either self-appointed or accidental.
POSCO headquarters in Samseong-dong, Seoul. /POSCO Group
The Fuchu Committee separately selects internal candidates targeting POSCO Group incumbents and selects external candidates targeting external experts. As of this day, a total of 22 people, including 15 external personnel and 7 internal personnel, were shortlisted. The current chairman, Chairman Choi Jeong-woo, is scheduled to retire at the general shareholders’ meeting in March as he was not included in the ‘internal reputation inquiry subjects (8 people)’ announced on the 3rd of this month.
At a meeting on the 17th, the Fuchu Committee will re-examine external candidates who have completed reputation checks, finalize a ‘long list’ that combines internal and external candidates, and then consult with the ‘CEO Candidate Recommendation Advisory Group’ comprised of 5 external personnel. Afterwards, a ‘short list’ will be created, narrowing down the candidates to around 5.
Park Hee-jae, professor of engineering at Seoul National University and chair of the Fuchu Committee, said, “Currently, all processes are progressing smoothly according to the procedures set out in the ‘New Governance Improvement Plan’ announced on December 21 last year,” and added, “We will be subject to in-depth interviews by the end of January.” “We will be able to reveal the list of final candidates,” he said.
2024-01-10 08:40:43
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