CORRECTED-S.Korea's POSCO picks president Kwon as new CEO
(Corrects spelling of "Kwon" in headline)
SEOUL Jan 16 (Reuters) - South Korean steelmaker POSCO has recommended Kwon Oh-joon, president and its chief technology officer, as new chief executive to succeed Chung Joon-yang who had offered to resign in November, the company said on Thursday.
The firm held a board meeting on Thursday to approve the recommendation by POSCO's CEO nomination committee, which short-listed candidates to five a day earlier.
Kwon's appointment is subject to shareholder approval in March.
Chung's departure comes after months of media speculation that he may come under pressure to quit because a new government led by President Park Geun-hye took office in February.
POSCO and telecoms firm KT Corp have often seen CEOs quit before their terms expire when a new government takes office, because the companies were once state-owned and the government retains a large amount of influence over their operations. (Reporting by Miyoung Kim; Editing by Christopher Cushing)
- Man called Bitcoin's father denies ties, leads LA car chase
- Ukraine standoff intensifies, Russia says sanctions will 'boomerang' |
- Florida mayor fights backyard gun ranges in 'Gunshine State'
- Apple loses bid for U.S. ban on Samsung smartphone sales
- 'Everything is fine', Pistorius told guard after shooting girlfriend |