POSCO will replace 5 CEOs

The POSCO Group will replace managers in five of the six business units as part of a reform plan identified by the new chairman, Kwon Oh Zhong, in connection with the major refurbishment of the largest steelmaker's facilities.

POSCO subsidiaries have announced a key agenda for their shareholders' meeting scheduled for March 2014 to name their new CEOs. Shin Jung Suk CEO of POSCO C&C is the only one to keep his job due to his successful management.

The official version of the reshuffle at POSCO is the personnel change under the new leadership of Chairman Kwon. The dramatic change in leadership began after the new POSCO chairman replaced most of the existing board members on February 24. He also ordered the creation of a value management office to manage the company's risk.

Daewoo International CEO and Vice Chairman Lee Dong Hee will become the unit advisor and his position will be transferred to President Jong Byeong Ira. Kim Jin Il, CEO of POSCO Chemtech, will be returned to POSCO's parent company.

At the same time, despite the departure of POSCO ICT Director Cho Bon, the position of ICT CEO will remain vacant for some time and a figure outside the company is said to be considered to take this top position. Yoon Yong Chul, CEO of POSCO M-Tech, will be replaced by Lee Kyung IOC, Head of Engineering, POSCO E&C.