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

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)

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