Posco CEO Choi Jeong-woo announced his intention to serve consecutive terms at a board meeting early this month, the company confirmed on Tuesday. 

According to Posco, the board of directors resolved to run a “CEO nomination committee” and began reviewing the qualifications for the reappointment of Choi.

Under the company’s articles of association, a CEO must disclose his intention to serve another term three months before the end of his term. Cho’s three-year term ends in March next year. 

The CEO nomination committee will consist of seven outside directors and will conduct a month-long screening of qualifications, including examining internal and external evaluations of the incumbent CEO. 

If he passes the screening process, he will be nominated as the next CEO and his position will be finalized after a shareholders’ meeting and a board meeting in March.

Choi took office as the company’s ninth CEO in July 2018. Former Posco chiefs have customarily sought and served second consecutive terms.

By Shin Ji-hye (shinjh@heraldcorp.com)