[Alpha Biz=(Chicago) Reporter Paul Lee] With more than three months left in POSCO Group Chairman Choi Jung-woo's term, rumors of early retirement are rising in some business circles.

According to the inews24 on the 4th, POSCO Group will hold a board meeting on the 19th of next month and revise its screening rules on the priority reappointment of incumbent chairmen. Through this, the current CEO will be deprived of the opportunity for priority screening and will be reviewed with new candidates.

Chairman Choi's term is until March next year. According to POSCO's company regulations, the chairman must seek a second term or express his intention to step down three months before the end of his term. As of this day, Chairman Choi has not made any announcement yet. Chairman Choi previously took office in July 2018 and announced his intention to serve a second term on the board of directors on Nov. 6, 2020.

Recently, some in the business community have said that Chairman Choi will retire before his term in office.

If Choi leaves office early, there is a possibility that POSCO's regular personnel appointments will also be postponed. POSCO personnel were expected to be in mid-December.

POSCO Vice Chairman Kim Hak-dong and POSCO International Vice Chairman Chung Tak have been mentioned as candidates for the next POSCO chairman. Kwon Young-soo, former vice chairman of LG Energy Solutions, has been mentioned as an outside figure.

Regarding Choi's resignation, a POSCO official said, "He did not express his position (as of the 1st)," adding, "The succession process will be operated after expressing his intention, so the explanation that the candidate is being mentioned is not true."

 

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