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POSCO BOD Recommends Current CEO Jeong-Woo Choi as Next CEO


l Current CEO Jeong-Woo Choi receives recommendation from the BOD on December 11
l The decision to be finalized through the general meeting of stockholders and the BOD in March next year
l The recommendation is based on the evaluation from the CEO candidate recommendation committee, where all seven members consist of outside directors

On December 11, POSCO’s board of directors unanimously voted to recommend the current CEO Jeong-Woo Choi, whose term is to expire in March, to the general meeting of stockholders as a candidate for the next CEO.

The decision on that day was based on the evaluation of the CEO candidate recommendation committee consisting of all outside directors. The committee reported to the board that, following its review of qualifications, it found CEO Jeong-Woo Choi suitable for the next CEO candidate. Last month, the board of directors decided to form the CEO candidate recommendation committee and examine Choi’s qualifications as the next CEO, since Choi expressed his intention to serve a second term.

Over the past month, the CEO candidate recommendation committee conducted 11 sessions of interviews with various internal and external stakeholders, including investment companies, clients, partners, and former & current employees. The committee also held seven meetings to conduct an objective evaluation of the performance and management reform carried out by CEO Choi during his tenure.

At the 5th meeting, CEO Choi took part in an interview that lasted 6 hours and actively discussed past achievements and future management directions. At this meeting, CEO Choi explained his management direction for the second term as “innovation and growth”. He emphasized fundamental improvement in business management activities and the enhancement of key competitiveness, qualitatively as well as quantitatively, in all areas of business, including steel, infrastructure, and new growth businesses.

Chairman of the Board Moon-Ki Chung said, “CEO Choi has built a stable and balanced foundation for the future growth of the company through businesses restructuring. Choi has also managed to successfully lead the steel industry into recovery amidst the harsh conditions of the market posed by COVID-19. We highly appreciate Choi’s contribution to improving the corporate’s future value by actively discovering and investing in new growth engines, such as the secondary battery material business.” He added, “The members of the CEO candidate recommendation committee unanimously agreed that Choi would be the suitable person to improve POSCO’s value in the long term and increase its competitiveness in the fast-changing business environment in the future.”

CEO Jeong-Woo Choi will be re-elected as the next CEO following the decision at the general meeting of stockholders and the BOD in March next year.

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