POSCO Group will not reappoint Chairman Choi Jeong-woo to lead the nation’s fifth-largest business group over the next three years, the company said Wednesday.
Posco Group announced Friday that the group would make public its chair appointment process, dispelling the National Pension Service’s concerns. The group also refuted suspected use of unfair methods to reappoint incumbent Chairman Choi Jeong-woo. “Regardless of the incumbent chairman’s decision (to seek a third term at Posco Group), our committee will review all candidates without bias for the sake.
POSCO Group Chairman Choi Jeong-woo appears to be seeking a third term as he recently purchased additional shares of POSCO Holdings, the group s holding company, additionally the board has changed the chairman selection rules while remaining silent about the current chairman s future course of action, according to industry officials, Friday.
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