POSCO Group endorses new Chairman Chang In-hwa

Chang In-hwa, a seasoned veteran in the steel industry, became the chairman and CEO of POSCO Group, South Korea's fifth-largest conglomerate, officials said Thursday. In a shareholders' meeting, POSCO Holdings Inc., the steelmaking group's holding company, passed a resolution to appoint Chairman Chang as new corporate director, according to the officials. He will officially take office following a board meeting to be held immediately after the shareholders' meeting. His term will last three years. Last month, POSCO Holdings announced Chang's appointment as the successor to lead the conglomerate after a competitive selection process involving six contenders. Chang earned bachelor's and master's degree in naval architecture and ocean engineering at Seoul National University, and earned a Ph.D. in ocean engineering from the Massachusetts Institute of Technology. He joined POSCO Group as a researcher for the Pohang Research Institute of Industrial Science and Technology in 1988. Over his 33-year tenure with the company, he has held pivotal roles, including heading the steel production division and serving as the president of POSCO. Source: Yonhap News Agency