April 24, 2024
Industrials
POSCO CEO gets board backing for 2nd term
[THE INVESTOR] POSCO chief Kwon Oh-joon has effectively been chosen to head the steelmaker for another three years.
On Jan. 25, the company’s board approved the motion to put Kwon as the sole candidate at the shareholders meeting scheduled for March. Kwon, who joined the company in 1986, took the CEO’s post in March 2014.
The board’s decision was taken in lieu of the restructuring measures and new product development carried out under Kwon. The company’s consolidated operating profits for the third quarter of last year came in at over 1 trillion won (US$858.88 million).
Kwon, however, has been implicated in the scandal surrounding President Park Geun-hye and her associate Choi Soon-sil. Since the independent counsel probe began, it has emerged that Kwon’s appointment as POSCO chief was orchestrated by Cheong Wa Dae, and that he promised high-level posts in the company to Choi’s associates.
By Choi He-suk (cheesuk@heraldcorp.com)
On Jan. 25, the company’s board approved the motion to put Kwon as the sole candidate at the shareholders meeting scheduled for March. Kwon, who joined the company in 1986, took the CEO’s post in March 2014.
The board’s decision was taken in lieu of the restructuring measures and new product development carried out under Kwon. The company’s consolidated operating profits for the third quarter of last year came in at over 1 trillion won (US$858.88 million).
Kwon, however, has been implicated in the scandal surrounding President Park Geun-hye and her associate Choi Soon-sil. Since the independent counsel probe began, it has emerged that Kwon’s appointment as POSCO chief was orchestrated by Cheong Wa Dae, and that he promised high-level posts in the company to Choi’s associates.
By Choi He-suk (cheesuk@heraldcorp.com)
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