POSCO taps head of construction arm as new chairman

SEOUL, Jan. 29 (Yonhap) -- Leading South Korean steelmaker POSCO on Thursday tapped Jung Joon-yang, the current head of its construction and engineering affiliate, as its future chairman.

The decision reached by a candidate selection committee made up of POSCO's
outside board members said Jung was the best qualified candidate to lead the
world's fourth-largest steelmaker into the future.
Current Chairman Lee Ku-taek expressed his intention to step down on Jan. 15 to
make way for the new management to cope with the global economic slump.
The panel said it had carefully reviewed Jung's vision for POSCO, including how
he plans to overcome the current crisis that has affected all economic
activities, as well as his past record in POSCO. The committee also interviewed
Yoon Seok-man, the current president of POSCO.
Jung, born in Suwon, 46 km south of Seoul, joined POSCO, which was then called
the Pohang Iron and Steel Co., in 1975 as an engineer. He became the company's
president in February 2007 before moving to become the CEO at POSCO E&C in
November 2008.
The steelmaker said that the recommendations will be finalized at a board meeting
on Feb. 27 that will take place right after the general shareholders' gathering.
yonngong@yna.co.kr
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