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POSCO to replace 5 CEOs

Resource from:  Daewoo Likes:171
Jun 10,2014
POSCO Group will replace CEOs at five of its six business units as part of the newly named chairman Kwon Oh-joon’s reform plan to overhaul the world’s fifth-largest steelmaker. On Friday, POSCO affiliates announced the key agenda of their shareholders’ meeting planned on March 17, including candidates of new in-house directors who are likely to be named their new CEOs. According to their statement, POSCO C&C CEO Shin Jung-suk is the only one who will retain his job due to his successful management performance. Daewoo International CEO and vice chairman Lee Dong-hee will become a standing adviser at the trading unit, and his post will be taken over by a sales veteran, president Jeon Byeong-il. POSCO Chemtech CEO Kim Chin-il will be brought back to the parent company POSCO as in-house director, while POSCO ICT CEO Cho Bong-rae will replace him. Despite Cho’s departure, the CEO position at the IT unit will remain vacant for some time, according to company officials. Kwon is said to be considering a figure from outside the company to fill the top post. Yoon Yong-chul, CEO of POSCO M-Tech, will be replaced by Lee Kyung-mok, engineering chief of POSCO E&C, while Yoo Kwang-jae, CEO of POSCO E&C, was named to lead POSCO Plantec. “Expertise is the key point of the reshuffle under the new leadership of chairman Kwon,” a POSCO official said of the recent reshuffle at the steelmaking giant. The drastic leadership change comes after the new POSCO chairman replaced most of the existing board members on Feb. 24. He also ordered the establishment of a “value management office” to oversee risk management. Kwon will take office on March 14, replacing the outgoing chairman Chung Joon-yang.
(Daewoo)
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