By Kim Hyun-bin
POSCO Chairman Choi Jeong-woo will serve a second term, as the company's board of directors voted to select Choi as the final candidate for the position, Friday.
This comes after the chairman revealed his intention to serve another term at a board of directors meeting last month.
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| POSCO Chairman Choi Jeong-woo |
The CEO candidate recommendation committee consists of seven outside directors, who evaluate and interview the CEO's accomplishments and select a candidate accordingly.
Choi will be formally appointed to serve a second term during a shareholders meeting in March.
Since the chairman was inaugurated in July 2018, he has worked not only to help achieve profit but also create synergy within affiliates as well as launching new growth engine businesses.
Due to COVID-19, POSCO suffered its first quarterly deficit for Q2 marking the company's first loss since its establishment in 1968. However, Choi was highly praised for his management capabilities with a quick turnaround from deficit to surplus in the following month.
However, some unfortunate on-scene accidents have kept Choi on his toes.
Last month, three workers died at POSCO's Gwangyang steel mill and another worker fell to his death at the company's steel mill in Pohang, Wednesday.
Choi is expected to strengthen safety measures at company plants to better prevent future accidents.
Earlier this month, the company announced it would inject 1 trillion won to enhance and replace old and dangerous infrastructure.
