Posco selects Choi Jeong-woo as next CEO
South Korea’s largest steelmaker Posco has selected Choi Jeong-woo, chief executive of Posco Chemtech, as its final nominee for chief executive in a board of directors meeting on Saturday. If Choi earns approval at an upcoming shareholders meeting on July 27, he will become the first non-engineer to lead the steelmaker. Previous CEOs have all had a background in metal engineering. Choi will also be the first Posco CEO in 20 years who did not graduate from Korea’s prestigious Seoul National University.
In a statement on Sunday, Posco’s CEO succession council said Choi’s broad experience in management and career at non-steel affiliates would help Posco turn into a global company that can handle steel and beyond. They said “With the global oversupply in steel and stricter trade barriers, we need to take meaningful steps in our non-steel businesses as well.”
Choi graduated from Pusan National University and majored in economics. After joining Posco in 1983, he built his career in key financial management positions. He also has weaker ties to the current CEO, Kwon Oh-joon, compared to Oh or Chang.
Choi was not considered a likely candidate until he made the shortlist of five last week. The list comprises the group’s incumbent and former top officials, including Posco Daewoo CEO Kim Young-sang, former Posco Chief Operating Officer Kim Jin-il, incumbent President and COO Oh In-hwan, Vice President Chang In-hwa and Posco Chemtech CEO Choi Jung-woo.
Source : Korea Joonang Daily