Wednesday, December 18th, 2013
SEOUL, KOREA - Choi Byung-ryul, the former chairman of the Grand National Party and current member of the seven-person elder statesmen advisory committee to President Park Geun-hye consisting of high-ranking officials under the Park Chung-hee government (1963-1979), is rumored to have been selected as the next chairman of POSCO, Korea's largest steel maker.
At 2:36 pm on December 17, the shares of POSCO were traded at 325,500 won, down 0.46 percent from the previous day's 326,000 won. The day's share price moved to the negative realm in the afternoon following a slight rise in the morning session.
Mr. Choi, 75 years old, was originally a newspaper reporter with Chosun Daily and joined the National Assembly in 1985 under the ruling Democratic Justice Party affiliation following a 1980 military coup by Chun Doo-hwan.
Industry watchers are concerned about the prospect of Mr. Choi being officially appointed as head of one of the biggest companies in Korea. A person close to the industry said, "[Choi Byung-ryul] has no experience in the steel industry and has never run a company of any size in his whole life. I doubt his ability to manage a $60-billion company. In addition, there are ample possibilities for the company being easily swayed by the government."