April 26, 2024

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[THE INVESTOR] Shareholders of POSCO on Mar. 9 approved the nomination of its current chairman Kwon Oh-joon for his second three-year term.

Kwon, 66, was named the single candidate for the top office by the company’s board of directors in January. 

The National Pension Service, the company’s largest shareholder with a 10.88 percent stake said earlier it will vote neutral, meaning the winner will have its support.

Kwon has a doctorate in metal engineering and had served as head of the POSCO Technology Institute before becoming POSCO’s president for technology-related businesses. However, the tech savvy chief is now credited with spearheading the company’s painstaking cost-cutting measures, which apparently helped the company overcome an industrywide slump seen over the past few years.

(theinvestor@heraldcorp.com)