The Korea Economic Daily reported that South Korea’s steel giant POSCO has chosen stability over reform in its latest management overhaul, retaining most chief executives at group affiliates, ahead of the proposed corporate restructuring toward a holding company structure. However, it recruited outside experts as executives for its new growth businesses such as rechargeable batteries, hydrogen and artificial intelligence. In the latest executive reshuffles, POSCO has also revived a vice chairmanship post in nearly three decades to strengthen its steelmaking business, set to be split off and placed under the new holding company. In management overhaul, Mr Kim Hak-dong, president and head of POSCO’s current steel business, has been promoted to vice chairman in charge of the steelmaking business under a new corporate governance system. Having majored in metal engineering at Seoul National University, Mr Kim mostly worked at POSCO’s two main steelmaking plants, one in Pohang and the other in Gwangyang, as the top field manager. The company has promoted two executive vice presidents to the president's post in the group management overhaul, which affected a relatively small number of 37 mid-tier executives. Mr Chon Jung-son has been named a new president for POSCO’s global infrastructure division, which he has led since the end of 2020. Mr Chon is also known to have led a task force to push for the group’s transition into a holding company. The other executive promoted to president is Mr Jeong Tak, who will continue to work as POSCO’s marketing chief. To drive the group’s new growth businesses, POSCO hired Mr Yoon Chang-won, a senior researcher at the Korea Institute of Science and Technology, as the head of its hydrogen and fuel cell research institute.