The first CEO Succession held successfully on April 23rd discussing the future and rightful candidates
Discussion for future POSCO and rightful candidates
The five outside directors, including Joo-hyeon Kim, chairman of the Board of Directors, Byeong-won Park, chairman of the director recommendation committee and the steering committee, Moon-gi Jeong, chairman of the auditing committee, Myeong-woo Lee, chairman of the evaluation and compensation committee, and Shin-bae Kim, chairman of the financial and inside trading committee and Ohjoon Kwon, CEO of the POSCO attended at the Council meeting.
CEO Ohjoon Kwon, not to participate in the Succession Council for transparency.
Based on regulation, the current CEO is considered as an ex-officio member of the CEO Succession Council. However, as soon as the Council meeting started, CEO Kwon has announced that he would not participate in the Council meeting for ensuring fairness and objectivity for the procedure of candidate identification.
Various candidates will be considered from in and outside
According to the outside directors, they defined the competent CEO candidates as the one who can show ‘Innovative leadership that can lead the next 100 years of POSCO Group’. More specifically, this means that they would carefully recommend the candidates who have global management aptitude to respond to the changes in the global economy, the innovative capabilities to continuously implement the development and changes of the group, and a high level of understanding of and competency in the steel, infrastructure and new- growth industries.
As for the election method for CEO candidates, insiders who have been fostered through the internal core talent development system will be recommended. However, shareholders such as the National Pension Service and institutional investors, through the labor-management council and Association of POSCO’s former executives will provide recommendation for the outsiders. Also, POSCO opens for global CEO candidates recommended by external search firms.