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