Posco International holds 1st general meeting since merger

Posco International said Monday its Vice Chairman Jeong Tak has been named as the company’s new CEO during a shareholders’ meeting held at its headquarters in Incheon, west of Seoul -- the first meeting since the merger with its sister unit Posco Energy on Jan. 1.

"Under the leadership of the new CEO, we will continue to maximize shareholder values by aggressively aiming for future growth, with balanced investment and shareholder returns," the company said in a statement.

During the shareholders’ meeting, Jeong was also named as an internal director together with Lee Gye-in, head of the trading division, and Lee Jeon-hyuk, head of the energy division, showing the company’s balanced commitment to core businesses.

Han Jong-soo, an accounting and financial expert, and Jeon Young-hwan, an engineering professor at Hongik University, were also named as outside directors of the board in a bid to ramp up expertise in technology and management transparency, the company said.

During the meeting, Posco International's dividend per share was decided at 1,000 won ($0.76).

As part of strengthening shareholder rights, an electronic voting and electronic power of attorney system will further be implemented starting this year, in order for shareholders to be able to participate in decision-making without having attend the shareholder meetings in person.

"This year marks the first year of integration (between Posco International and Posco Energy), and we plan to focus on significantly increasing corporate value with massive investment in promising sectors such as energy and food, and through strengthening investor relation activities," the company said.