Choi Jeong-woo has had a target on his back since Yoon took office, but his choice to not seek another term as POSCO’s chairman is motivated by more than submissiveness
Rumors including one involving a top presidential aide have been spreading since last Thursday when POSCO Group started a process to appoint its next chairperson, according to industry officials, Tuesday.
The Yoon Suk Yeol administration has indicated its intention to meddle in the governance of former public enterprises that have long since been privatized - two decades ago - as the government forced financial holding companies recently to replace their chairmen. Concerns are therefore growing over the possibility of nepotism spreading to both KT and POSCO Holdings, based on who ends up replacing their chief executives.