Jang In-hwa, 69, former President of POSCO, has been appointed as the next chairman of POSCO Group, South Korea’s fifth-largest company with annual revenues of 77 trillion won. POSCO Holdings, the holding company of POSCO Group, held an extraordinary board meeting on Feb. 8 and recommended former President Jang as the sole candidate for Chief Executive Officer (CEO). Jang will officially take office as the next chairman after the resolutions of the regular shareholders’ meeting and board meeting on March 21. His term will last three years.
When narrowing down to six candidates earlier, the possibility of selecting a candidate without a POSCO background emerged, as internal and external candidates were evenly split three to three. However, the CEO candidate recommendation committee, composed of seven external directors, chose an internal candidate, prioritizing organizational stability. Born in Seoul, candidate Jang is an engineer who graduated from the Department of Naval Architecture and Ocean Engineering at Seoul National University and earned a Ph.D. in Ocean Engineering from the Massachusetts Institute of Technology (MIT). He joined the Pohang Research Institute of Industrial Science and Technology, a specialized research institution of POSCO, in 1988 and has served as the head of POSCO’s Technology Investment Division, head of the Steel Production Division, and President of POSCO.
A true “POSCO man,” who worked at POSCO for 33 years before stepping down as an advisor in March 2021, he is known for his experience in steel, new business, finance, and marketing within the group, as well as his strong communication with employees. In 2018, he was one of the final two candidates for the chairman position, competing with the incumbent, Choi Jeong-woo.
This article was originally published on Feb. 9, 2024.
