POSCO Group Chairman Choi Jeong-woo Excluded from Next Chairman Candidate List

POSCO Group Chairman Choi Jeong-woo was excluded from the list of candidates for the next chairman. On the 3rd, the CEO Candidate Recommendation Committee, which oversees the selection process for POSCO Group’s next chairman (CEO), announced that it had selected 8 people for the next stage of ‘reputation inquiry’ through the first screening of internal candidates who had submitted applications. “Current Chairman Choi Jeong-woo is not on the list of internal candidates to be reviewed in the future,” he said.

On the 3rd, POSCO Group Chairman Choi Jeong-woo was excluded from the list of candidates for the next chairman / News 1

The CEO Candidate Recommendation Committee (Future Committee) held a meeting on this day and selected the next stage of ‘reputation inquiry subjects’ through the first screening of POSCO Group’s internal candidates who had submitted applications. The incumbent Chairman Choi is an internal candidate, but it is not known whether Chairman Choi has submitted an application.

Separately from the internal candidate evaluation, the Fuchu Commission began the ‘shareholder recommendation’ process on the 30th of last month for shareholders with a stake of 0.5% or more, and separately began the process of receiving recommendations of up to three candidates from 10 search firms (headhunting companies). .

Prior to this, the Fuchu Committee evaluated internal applicants on the five basic candidate qualifications announced earlier: △management competency, △industrial expertise, △global competency, △leadership, and △integration/ethics. The list of eight people selected that day was not disclosed. The Fuchu Committee said, “For those subject to the reputation check decided this time, we will request a reputation check from a trustworthy external professional agency and receive the results back by the 8th of this month.” He added, “Reflecting the contents, we will hold an ‘internal review’ at the 5th meeting on the 10th of this month. “We plan to decide on the ‘longlist’ of candidates,” he said.

In addition, he explained, “Once the reputation search results for the external candidates currently being recruited are collected, we plan to finalize the ‘internal and external long list’ on the 17th of this month and receive opinions from the ‘candidate recommendation advisory group’ composed of external prominent figures.” .

Park Hee-jae, chairman of the candidate recommendation committee, said, “I feel infinite responsibility for the important task of selecting a new group chairman who will be responsible for the future of the POSCO Group, and I will do my best to ensure that a fair and strict selection is made until the end.”

Prior to this, on the 28th of last month, when the National Pension Service, the single largest shareholder with a 6.71% stake in POSCO Holdings, raised the issue of the fairness of the process for selecting the next chairman of POSCO Group, the Fuchu Commission immediately refuted the issue.

Kim Tae-hyun, Chairman of the National Pension Service, said, “Shareholders, investors, and the market will appropriately judge whether the POSCO CEO Fuchu Committee, which consists of only existing outside directors, is fair and can sufficiently represent shareholder interests,” effectively confirming the “fairness of selecting POSCO’s next CEO.” When the issue was raised, the Fuchu Committee issued a press release in the early morning, saying, “We will conduct an independent and transparent review,” and “If the current chairman runs for a third term, it is his personal freedom, and we will support POSCO regardless of whether or not he supports the current chairman.” “We will conduct an unbiased review for the future of the company and the interests of shareholders.”

The background to the fairness controversy was that all seven outside directors who made up the Fuchu Committee were appointed or reappointed during Chairman Choi’s tenure. However, on this day, the Fuchu Committee excluded Chairman Choi from the next group of candidates, leading to continued competition between internal and external candidates excluding Chairman Choi.

Three POSCO Holdings internal directors (President Jeong Ki-seop, Vice Presidents Yoo Byeong-ok and Kim Ji-yong), five representatives of major affiliates (POSCO Vice Chairman Kim Hak-dong, POSCO President Lee Si-woo, POSCO E&C President Han Sung-hee, POSCO International Vice Chairman Jeong Tak, and POSCO Future M President Kim Jun-hyung), four advisors. (Former POSCO Holdings President Jeon Jung-seon, former POSCO President Jang In-hwa, former POSCO Vice President Yoo Seong, former POSCO Holdings Vice President Jeong Chang-hwa), external figures, former LG Energy Solution Vice Chairman Kwon Young-soo, and POSCO ‘OBs’ (former executives) Lee Young-hoon, former POSCO Engineering & Construction President, Cho Cheong. Former POSCO Plantec President Myung and Hwang Eun-yeon, former director of POSCO Research Institute of Creation, are being mentioned as self-appointed or fallen candidates.

2024-01-03 03:45:00
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