POSCO's CEO said to step down

SEOUL, Jan. 14 (Yonhap) -- The top executive of POSCO Co., the world's
fourth-largest steel maker, is poised to resign unexpectedly after about five years in the post, company officials said Wednesday.

POSCO Chief Executive Officer Lee Ku-taek, 65, told a meeting of executives on
Tuesday that he wished to step down and will make an official announcement at the
company's board meeting on Thursday, according to the officials.
Lee, who is also chairman, was appointed as CEO in 2003 and reappointed in 2007.
His three-year term will expire in February 2010.
"Lee will make an announcement about his status tomorrow," said an official at
POSCO. "If Lee resigns, the company will form a committee to begin searching for
his successor."
Company officials have declined to comment on why Lee would resign.
Local news reports say the resignation of Lee, if proved true, could be a result
of domestic politics.
Top executives at POSCO, a former state-run company, had been replaced whenever a
new administration takes office.
Lee was named to head POSCO when the administration of former president Roh
Moo-hyun was inaugurated.
Since President Lee Myung-bak took office in February last year, Lee has been
mired in allegations of lobbying the National Tax Service to minimize penalty
taxes.
POSCO is also scheduled to release its earnings for the final quarter of 2008
amid expectations that the steel maker may post disappointing results due to the
global economic crisis.
News reports say Yoon Seok-man, president of POSCO, and Jeong Joon-yang, chief
executive of POSCO's construction arm, may replace Lee.
(END)