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Posco CEO Joonyang Chung Starts Second Term
03/27/2012 - Posco recently held the 44th Ordinary General Meeting of Shareholders at the Seoul Posco Center, re-electing Chung Joonyang as CEO and electing Outside Director Han Joonho as the Chairman of the Board of Directors.
Posco recently held the 44th Ordinary General Meeting of Shareholders at the Seoul Posco Center, re-electing Chung Joonyang as CEO and electing Outside Director Han Joonho as the Chairman of the Board of Directors.
Inaugurated as the seventh CEO in 2009, Joonyang has successfully developed Posco’s technology and carried out steel projects both domestically and internationally, increasing global competitiveness while continuing innovation and cost reduction activities.
Posco notes that he has also laid the framework for new growth directions of steel/general materials/energy by investing in these fields, and striving for qualitative growth by strengthening internal stability and management.
Newly elected Board of Directors Chairman Han Joonho was appointed outside director in 2009, taking on the role of chairman of the finance and operation committee, and the evaluation compensation committee. As outside director, Doosan Vice Chairman James B. Bemowski was newly appointed, while Samchully Chairman Han Joonho, Hallym University Chancellor Lee Yeongseon, and Seoul National University Professor Lee Changhee were re-appointed. Vice President Park Hanyong was re-elected as board director, and Vice President Cho Noiha, Senior Director Park Gihong, and Kim Joonshik were newly appointed.
Two hundred personnel including overseas shareholder representatives such as the Bank of New York and Nippon Steel Co., institutional investors, and domestic and foreign investors attended this meeting. A total of 10,000 KRW per share, including the interim dividend of 2500 KRW, was decided upon, almost 200% of the face value. In addition, plans to provide 400 million KRW to the family of deceased Honorary Chairman Park Taejoon, who passed away last December, was passed according to the standards for the “Retirement payment for long-term service employees.”
CEO Joonyang plans to use the next three years as a build-up stage to achieve Vision 2020, a goal to reach 200 trillion KRW.
In the HR promotion of department leaders, Vice President Park Hanyong was promoted to CEO President, Vice President Kwon Ohjun to President, Senior Directors Park Gihong and Kim Junshik to Vice President and each holding positions as the head of Management Support, General Technology Management, Strategic Planning Management, and the Stainless Business Division.
Vice President Cho Noiha will continue his position at the Carbon Steel Business Division, and Posco P&S President Chang Inhwan was newly appointed as Vice President and positioned to the Growth Investment Business Division.
