Who will succeed outgoing POSCO chief?

By Nam Hyun-woo

Oh In-hwan

Chang In-hwa

Choi Jeong-woo

Hwang Eun-yeon

Following the resignation of POSCO Chairman Kwon Oh-joon, a pack of “steel men” are seeking to become his successor, while observers say there is the possibility for an outside figure to be tapped to lead the steelmaker.

According to POSCO, Thursday, it will begin a six-step process to appoint Kwon's successor.

The company will form a committee of five outside directors, and Kwon, to vet candidates to take over as the new chairman.

The committee will search for qualified candidates and send them to the POSCO board of directors.

The board will then narrow the list of candidates that will be sent to the company's CEO recommending committee, which will shortlist top candidates, then send it back to the board which will confirm their final candidate.

A general meeting of shareholders will then vote to approve the new chairman, and the board will appoint them as the head of the steel giant. During the process, Kwon will remain at his post.

The outgoing chairman has already dropped hints about his successor, saying POSCO needs “young and passionate leadership” and executives younger than the 68-year-old are consequently rising as leading candidates.

Among them are POSCO President and Chief Operating Officer Oh In-hwan, leading the company's Steel Segment 1. Oh has been known as the “No. 2 of POSCO” after building his reputation as a marketing specialist.

Raising his chance of becoming the CEO is that he joined President Moon Jae-in's trip to China as a business delegate in December last year. Given that Kwon has not accompanied Moon on overseas trips, the suspicion is lingering that he has been feuding with the Moon administration. Oh could be the person to restore the company's relations with the government, according to observers.

Another possible candidate is Chang In-hwa, leading Steel Segment 2 and one of the “POSCO troika” along with Kwon and Oh. Chang is known as a technology specialist, previously serving as head of POSCO's new business management office, steel systems marketing office and technology investment headquarters. Kwon was also the company's chief technology officer before being CEO.

Also on the lips of watchers is POSCO Chemtech CEO Choi Jeong-woo. POSCO Chemtech produces anode materials for secondary batteries, which is a business POSCO is eying for future growth.

Hwang Eun-yeon, the former POSCO president for human resources management, public relations, labor and other administrative affairs is also being considered. Hwang was a rival candidate when Kwon was given his second term and quit the company last month.

KT chairman under siege

With Kwon stepping down several questions remain unanswered, and attention is now being focused on KT Chairman Hwang Chang-gyu, who is under police investigation.

Police have been questioning the mobile carrier chief this week over his alleged involvement in illegal donations to lawmakers.

They believe KT executives paid 90 legislators a combined 430 million won ($402,000) in illegal donations during the previous Park Geun-hye administration, and suspect Hwang instructed them to do so, or was at least briefed about it.

As was Kwon, Hwang was appointed during the Park administration and appeared to be under pressure to leave his post.

Though Kwon again denied that there was any political pressure for him to quit, or that there was any investigation of him, suspicions have been lingering that he may face a probe ― like Hwang ― if he had opted to stay on.

Similar to POSCO, KT also experienced changes in leadership when the country has elected a new president, even though, like POSCO, it is a private firm.

Hwang has reportedly told his close aides that he will not resign. KT also said Hwang will manage the company regardless of the investigation.