ID :
43206
Fri, 01/30/2009 - 05:24
Auther :
Shortlink :
https://oananews.org//node/43206
The shortlink copeid
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 at POSCO. The committee conducted four
separate meetings, individual interviews, and listened to presentations to judge
the potential of all aspirants.
Others screened by the committee included Yoon Seok-man, the current president of
POSCO.
The 60-year-old 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. He is credited with pushing forward commercialization of
the cost-effective, Finex furnace operations.
He is currently a member of the technical committee of the World Steel
Association, chairman of the Korea Institute of Metals and Materials and a board
member at the Federation of Korean Industries' small- and medium-sized enterprise
cooperation center.
The steelmaker said the recommendation will be finalized at a board meeting on
Feb. 27, which will take place right after the general shareholders' gathering.
The selection committee, meanwhile, said allegations of wrongdoing by Jung's
relatives have been checked, but they were found to have no bearing on the future
chairman's qualifications to lead the company.
Members said that outgoing Chairman Lee had recommended the POSCO E&C head for
his post.
yonngong@yna.co.kr
(END)
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 at POSCO. The committee conducted four
separate meetings, individual interviews, and listened to presentations to judge
the potential of all aspirants.
Others screened by the committee included Yoon Seok-man, the current president of
POSCO.
The 60-year-old 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. He is credited with pushing forward commercialization of
the cost-effective, Finex furnace operations.
He is currently a member of the technical committee of the World Steel
Association, chairman of the Korea Institute of Metals and Materials and a board
member at the Federation of Korean Industries' small- and medium-sized enterprise
cooperation center.
The steelmaker said the recommendation will be finalized at a board meeting on
Feb. 27, which will take place right after the general shareholders' gathering.
The selection committee, meanwhile, said allegations of wrongdoing by Jung's
relatives have been checked, but they were found to have no bearing on the future
chairman's qualifications to lead the company.
Members said that outgoing Chairman Lee had recommended the POSCO E&C head for
his post.
yonngong@yna.co.kr
(END)
