POSCO shareholders approved a second term for Chairman and CEO Chung Jung-yang and the promotion of Executive Vice President Park Han-yong as CEO and President.

Following the approval of shareholders on March 16, POSCO inaugurated Chairman Chung’s second term two-CEO leadership structure with new CEO Park, reducing  from the previous quadriad system. 

Executive Vice President Cho Nae-ha, Executive Director Park Ki-hong, and Executive Director Kim Joon-shik were newly-appointed inside directors during the shareholders’ meeting, whereas President Choi Jong-tae, Executive Vice President Oh Chang-gwan, and Executive Vice President Kim Jin-il stepped down. 

Chairman Chung has been credited with helping the world’s third largest steelmaker overcome the current economic sluggishness. Under his leadership, POSCO has performed M&As at home and abroad to raise revenues and strengthen its competitive edge and presence in international markets. In the reshuffle, former POSCO President Choi Jong-tae was promoted to vice chairman and was transferred to president of POSCO Research Institute, while POSCO E&C Chung Dong-hwa is to be promoted to vice chairman and to be retained as CEO. 

Ex-POSCO Executive Vice President Oh Chang-gwan was appointed president of POSCO Energy while Executive Vice President Kwon Young-tae was promoted to president of POSCO P&S. Executive Vice President Kim Sang-young was appointed president of Poreka.