January 16, 2014 / 5:41 AM / in 4 years

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)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below