[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.