[Alpha Biz=(Chicago) Reporter Kim Jisun] POSCO Group Chairman Choi Jung-woo (photo) was eventually excluded from the list of candidates for the next chairman.

POSCO Holdings said it first selected eight insiders as "targets for reputation inquiry" after holding its fourth cold-weather recommendation committee meeting on the 3rd and conducting the first screening of internal candidates who submitted their applications.

He explained that Choi was not included in the list. It did not say whether Chairman Choi voluntarily dropped out of the candidate group or was excluded from the screening process.

In the meantime, Choi has not made a clear position on whether to serve a second term. However, it was expected that he visited the tomb of honorary chairman Park Tae-joon on the 11th of last month and purchased 300 million won worth of POSCO Holdings shares to effectively show his willingness to serve a second term. In addition, at the board of directors of POSCO Holdings last month, the incumbent chairman opened the way to become a candidate for the next chairman without expressing his intention, so his bid for a third term was accepted as a fait accompli.

The chairman of the National Pension Service publicly criticized the process of selecting the head of POSCO Holdings in a media interview on the 28th of last month, putting the brakes on Choi's attempt to serve three consecutive terms. The National Pension Service is the largest shareholder with a 6.71% stake in POSCO Holdings.

The real names of the eight candidates were not disclosed, but POSCO Vice Chairman Kim Hak-dong and POSCO International Vice Chairman Chung Tak were mentioned as internal personnel candidates. Chung Ki-sup, president of POSCO Holdings, Lee Young-hoon, former president of POSCO Engineering & Construction, Cho Chung-myung, former president of POSCO Plantech, and Hwang Eun-yeon, former president of POSCO Human Resources Creation, are also among the candidates.

 

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