POSCO Chooses Stability and Experience... Jang In-hwa Confirmed as Next Chairman Candidate (Comprehensive)

Decision at the Temporary Board Meeting on the 8th
Resolution at the Regular Shareholders' Meeting on the 21st of Next Month

Jang In-hwa, former POSCO president, selected as the final candidate for the next chairman of POSCO Group
[Image source=Yonhap News]

Jang In-hwa, former POSCO president, has been confirmed as the next chairman candidate of the POSCO Group.

CEO Candidate Recommendation Committee: "Candidate Jang In-hwa shows clear awareness of issues and future vision for the group"

POSCO Holdings held an extraordinary board meeting on the 8th and selected former POSCO president Jang In-hwa as an inside director candidate for the POSCO Group chairman position, resolving to recommend him at the regular shareholders' meeting in March. Jang is scheduled to officially assume the chairmanship of POSCO Group after the regular shareholders' meeting and board meeting on the 21st of next month.

The CEO Candidate Recommendation Committee (CEO CRC) conducted in-depth face-to-face interviews over two days, on the 7th and 8th, with six finalists and proceeded with selecting the final candidate to recommend to the extraordinary board meeting. The committee evaluated candidate Jang In-hwa as "the optimal candidate who is well-prepared for future challenges and capable of bold execution, with a clear awareness of the group’s core businesses and areas for improvement, able to realize a clear future vision." They added, "Candidate Jang is expected to lead global strategy planning and technology-driven innovation, as well as significantly contribute to improving the group’s internal organizational culture."

Earlier, POSCO Holdings established the CEO Candidate Recommendation Committee three months before the current chairman’s term expiration, in accordance with the 'POSCO-style new governance improvement plan' approved by the board on December 19 last year. The committee, composed entirely of outside directors, has engaged in over 30 meetings and discussions over the past 50 days to thoroughly deliberate on identifying the next chairman candidate to lead POSCO Group’s future.

Candidate Jang In-hwa, a leader of harmony... evaluated as a 'Virtuous Leader'

Former president Jang In-hwa holds a bachelor's and master's degree in Naval Architecture and Ocean Engineering from Seoul National University and a Ph.D. in Ocean Engineering from MIT. Since joining the Pohang Institute of Industrial Science and Technology (RIST) in 1988, he has served as head of the RIST Structural Engineering Lab, head of POSCO’s New Business Division, Steel Marketing Solutions Division, Technology Investment Headquarters, Technology Research Institute, and Steel Production Headquarters, making him a top expert in steel and new business fields. In 2018, as head of POSCO’s steel division (CEO president) when POSCO was operating as a business-type holding company, he gained comprehensive experience in new business, marketing, and building overseas steel networks, significantly contributing to setting the group’s future direction.

In labor-management relations, he acted as the management representative, demonstrating a unique affinity and field-oriented approach, showing leadership in harmony and being regarded as a virtuous leader who embraces members with a kind and generous character. Since the 2021 shareholders’ meeting, he has served as an advisor to POSCO, maintaining a keen sense of management issues, which is also considered a strength.

Notably, during his tenure at POSCO, he led the establishment of a smart factory system at the steel mill using AI new technologies, driving POSCO to become the first Korean company selected as a 'Lighthouse Factory' by the World Economic Forum, thereby strengthening the competitiveness of the group’s core steel business. In the new business sector, he promoted restructuring through selection and concentration, reorganizing around lithium and cathode/anode materials, contributing to laying the foundation for the group’s new business centered on secondary battery materials and raw materials.

Jang, who was among the internal candidates within POSCO Group, was one of the final two chairman candidates alongside current chairman Choi Jeong-woo in 2018. Since joining POSCO as a senior researcher at Pohang Institute of Industrial Science and Technology in 1988, he has held positions such as head of Technology Investment Headquarters, Steel Production Headquarters, and president. He has been serving as an advisor to POSCO since 2021. If the new chairman appointment passes with majority support at the shareholders’ meeting on the 21st of next month, Jang will succeed current chairman Choi Jeong-woo and become the 10th chairman of POSCO Group. The largest shareholder of POSCO Holdings is the National Pension Service, holding a 6.71% stake.

Park Hee-jae, chairman of the CEO Candidate Recommendation Committee, stated, "The committee judged that candidate Jang In-hwa will sufficiently perform the task of strengthening the global future competitiveness of the steel business sector in response to the low-carbon era and enhancing the fundamental competitiveness of the new business sector." Regarding the selection process of the next POSCO Group chairman candidate, Chairman Park said, "All committee members agreed that transparency, fairness, and objectivity are paramount," adding, "We made every effort to independently fulfill our responsibilities without external interference." He also expressed gratitude, saying, "We thank all internal and external stakeholders, including shareholders and employees, for their interest and support."