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CEO of South Korean steelmaker POSCO to step down early

Reuters  |  SEOUL 

(Reuters) - The executive of South Korean steelmaker will step down before his term ends in 2020 as he is keen for a younger person to lead the firm, the company said on Wednesday.

Kwon Oh-joon, 69, offered his resignation at an emergency board meeting, but will stay in the post until the company appoints a new chief, a said.

Kwon took over as of the country's top steelmaker in March 2014. He was re-appointed in March last year, and his term was set to end in March 2020.

in January reported a 144 percent surge in fourth-quarter operating profit, helped by steel price gains, but fell short of market estimates as higher raw material costs cut into earnings.

The denied any link between Kwon's resignation offer and a change of government last May.

was privatized in 2000, but executives have previously been replaced when a new administration takes office, reported.

(Reporting by and Hyunjoo Jin; Additional reporting by Dahee Kim; Editing by Richard Pullin)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, April 18 2018. 09:15 IST