Diversifying Business Portfolio
The POSCO Group announced on Dec. 20 that it has decided to expand and divide its steel division into three units of steel, non-steel, and new growth. It also announced a fresh executive reshuffle to bring in talent from outside.
The non-steel unit will be responsible for establishing growth strategy and managing the business operations of POSCO Daewoo, POSCO’s construction, energy and ICT arms and non-steel subsidiaries. The new growth unit will be in charge of discovering and developing future growth engines, including the rechargeable battery material business which is being pursued at the group level.
POSCO have boldly recruited outside experts based on chairman Choi Jeong-woo’s management philosophy to hire outside professionals, giving up an old practice to stick to giving important duties to POSCO insiders only.
Dr. Jang Yoon-jong, a former researcher at the Korea Institute for Industrial Economics and Trade, was brought in as head of the POSCO Research Institute which serves as a think tank for the POSCO Group. In January of next year, a senior executive director-level executive will join POSCO to head up the trade organization.
"We vigorously discovered talented people in the younger generation in order to revitalize our organizational atmosphere and boost our organizational vitality and finally take off to become a 100-year enterprise," a POSCO Group official said. “The personnel shakeup was made under the basic principle that POSCO uses talented people who match POSCO’s corporate business philosophy."