Posco chief-nominee asks stakeholders for reform ideas

The soon-to-be chairman of South Korean steel giant Posco said Wednesday that he wants to hear not only from stakeholders but also from anyone interested in the company’s business about their ideas on its future.

For the first time in the group’s history, the company’s chairman-designate Choi Jung-woo will seek suggestions from its employees, shareholders, clients and suppliers as well as the general public, the company said in a statement. 

Those interested could send their message via Posco’s website. The company will later compile ideas and reflect them to Posco’s reform drive, officials said. Messages can be also delivered via email at loveletter@posco.com, they added.

The company will wrap up the campaign by the end of September. A set of reform measures will be announced later on after Choi spends his first 100 days in office.

The Love Letter campaign came two days after Posco vowed to take legal action against a former employee who has been at the center of a civic group accusing its chief nominee over alleged embezzlement and dereliction of duty.

The former worker who identifies herself as a whistleblower said Monday that Choi failed to ring an alarm when the company purchased an Ecuadorian company and a British paper company at an inflated price, accusing the nominee for neglecting his duty as the chief auditor.

Posco denied the accusation, saying Choi served the post some years before the acquisition took place.

The company said it would file both a civil and criminal suit against Chung, saying it appeared to be an intentional smear and that she has made similar accusations before.

By Cho Chung-un (christory@heraldcorp.com)