Nominates Lee Joo-tae, Head of the Future Strategy Division, and Chun Sung-rae, Head of the Business Synergy Division, as new internal directors; recommends the reappointment of Kim Ki-soo, Head of POSCO N.EX.T Hub
Recommends the reappointment of external directors Son Sung-kyu, Professor at Yonsei University School of Business, and Yoo Jin-nyoung, CEO of Angel Six Plus
The official appointment of directors scheduled for the March 20 shareholders’ meeting
Advancing shareholder-friendly policies, including a strengthened ESG management system and the 2% cancellation of treasury stock
POSCO Holdings held its regular board meeting at POSCO Center on February 19, where it resolved to present internal and external director nominations as agenda items for the regular shareholders’ meeting.
The board nominated Lee Joo-tae, Head of the Future Strategy Division, and Chun Sung-rae, Head of the Business Synergy Division, as new internal directors. It also recommended the reappointment of Kim Ki-soo, Head of POSCO N.EX.T Hub (Group CTO).
Lee Joo-tae, who joined POSCO in 1988, has served as President of POSCO America, Head of the POSCO Management Strategy Office and Purchasing & Investment Division, and Head of the POSCO Holdings Management Strategy Team. As a strategy expert, he is expected to strengthen the group’s future growth engines and enhance the competitiveness of its core businesses.
Chun Sung-rae, who also joined POSCO in 1988, has served as Head of the POSCO Hot-rolled Wire Marketing Office, President of POSCO Maharashtra, and Head of the POSCO Holdings Steel Team. With extensive experience in marketing, overseas business investment, and business management, he is expected to play a crucial role in maximizing business synergies within the group.
Kim Ki-soo, who has been recommended for reappointment as an internal director, plans to lead the advancement of the group’s technology development system based on his expertise in steel research and broad experience in new technology research, including AI-based process automation.
POSCO Holdings introduced a ‘division system’ in last year’s organizational restructuring to streamline decision-making processes and strengthen core functions in response to rapidly changing business environments. As top experts in their respective fields, the newly appointed internal directors will focus on strengthening steel business competitiveness, overcoming the secondary battery materials business chasm, expanding strategically overseas, and restructuring group operations to break uncertain business conditions and advance as a global top-tier materials company.
The Board’s Director Candidate Recommendation Committee has also recommended the reappointment of Professor Son Sung-kyu from Yonsei University School of Business and Yoo Jin-nyoung, CEO of Angel Six Plus, as external directors.
Professor Son and CEO Yoo are expected to contribute to company management and board operations through their involvement in finance/accounting and new technology development, respectively.
The nominated directors will be officially appointed at the regular shareholders’ meeting on March 20.
Additionally, POSCO Holdings plans to strengthen its ESG management system by announcing the ‘Group Human Rights Management Declaration,’ while pursuing shareholder-friendly policies.
Following its July 2023 announcement to cancel 6% of its total issued shares in treasury stock over three years (2024-2026), POSCO Holdings has decided to cancel 2% of these shares this year. Despite challenging conditions in the steel and secondary battery businesses, the company will maintain its basic dividend policy of 10,000 won per share.
The company also enhances shareholder-friendly policies by determining quarterly dividend amounts and payment dates in advance to facilitate investment decisions.
The board also resolved to present agenda items, including the ‘2024 Financial Statement Approval,’ ‘Partial Amendment of Articles of Incorporation,’ and ‘Approval of Director Compensation Limits’ at the shareholders’ meeting.