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Biz News Korea(Eng)
Posco chief gets board nod for another 3-year term despite scandal
- Collected
- 2017.01.26
- Distributed
- 2017.01.31
- Source
- Go Direct
The company held a board meeting on Wednesday to propose extending the term for Kwon. His appointment requires approval by shareholders in general meeting in March.
Kwon joined the firm in 1986 and was promoted to the top position in March 2014. He has spearheaded rigid corporate restructuring and cost-cutting efforts to help the company weather global-wide slump as the result of oversupply. It posted stronger-than-expected operating profit of 1.343 trillion won ($1.15 billion) on a consolidated basis in the third quarter ended September last year. Its shares soared to a closing of 267,500 won on Wednesday from 155,000 won a year ago.
Kwon had been implicated in the power abuse scandal involving the president and her friend Choi Soon-sil for suspicious business deal with a company of her association.
Despite his claim of innocence, Kwon could come under independent counsel probe suspecting the motive behind his appointment in 2014.
By Moon Ji-woong
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