On the 25th, it was reported that former POSCO Group Chairman Choi Jeong-woo (67, photo), who retired last month, was given a private office in Korea’s highest residence (a complex facility that provides hotel-level services) with a deposit of he earned at least 300 million to 500 million and a monthly rent of about 20 million was earned with the support of the company. In addition to this office, former Chairman Choi is known to have received an annual salary exceeding 1 billion won, which he received as chairman, for at least two years along with a vehicle and a driver. There is criticism that former Chairman Choi could have ‘self-determined’ the various favorable treatments he would receive after leaving office while he was in office. There is also criticism that POSCO, ‘a national company without an owner’, is paying excessive courtesy to the former chairman.
◇ Office in “upper class living space”
He became the chairman of the POSCO Group in July 2018 and resigned on the 17th of last month after holding the position for almost six years. POSCO Group assigned the role of a standing advisor to former Chairman Choi and provided vehicles, drivers and offices. Meanwhile, the retired Chairman of POSCO set up his office mainly in the Trade Center in Samseong-dong, Gangnam-gu, Seoul. It is about 1km away from POSCO Center in Seoul.
Promotional photo used during the ‘Signiel Residence’ sale at Lotte World Tower in Songpa-gu, Seoul. It may be different from the room that former POSCO Chairman Choi Jeong-woo had as his office. /Chosun Ilbo DB
However, former Chairman Choi was given an office at Signiel Residence in Lotte World Tower in Songpa-gu, Seoul, 4.3km away from POSCO Center. This place is advertised on its website as “a place to live for the upper class.” It is a place where many famous business owners and celebrities live. Valet parking, breakfast service, and room service are provided for residents, and a fitness club, screen golf, yoga studio, and party room are available to residents only. The smallest unit (63.3 pyeong based on delivery area) was recently listed for monthly rent with a deposit of 300 million won, a monthly rent of 15 million won, and a management fee of 1.8 million won . The 70 pyeong monthly rental property posted last January earned a deposit of 500 million, earned a monthly rent of 17 million, and earned a management fee of 2 million. POSCO Group said, “At the time of Senior Advisor Choi Jeong-woo’s retirement, there was a shortage of rental space in the trade center, so we continue to look for an office that can sign a long-term contract.”
◇ Even after quitting, the salary remains the same as when you were president for at least two years.
It is known that former Chairman Choi will receive the same salary he received as Chairman for at least two years and can also use a corporate card. Former Chairman Choi’s salary last year, excluding performance bonuses, was 1.037 billion won. It is known that the former chairman of POSCO usually serves as a standing councilor for two years and then as a non-standing councilor for one year. POSCO Group explained, “We set the advisor’s term of office each year by comprehensively considering the responsibilities, roles and management conditions of the current position,” and added, “We pay compensation on the same basis as the previous standing advisor.”
A business official said, “In the early days of POSCO’s founding, CEOs created something from nothing and POSCO grew into a national company.” POSCO founder and late Chairman Park Tae-joon did not own a single share of POSCO stock during his lifetime.
In 2022, former Chairman Choi said through an internal email at POSCO Holdings, “The claim that POSCO Group is a national company does not match reality and is a frame that must be overcome for future development,” and several times, “POSCO is no longer a national company.” He made a statement to that effect. In 2000, the Korea Development Bank sold its final 2.4% stake, making POSCO a fully private company. Then, POSCO’s six founding members, including POSCO’s second Chairman Hwang Gyeong-ro, issued a statement of protest and said, “From the time POSCO first started building the Pohang steel mill by relying on money from claims against Japan, we have set an example of righteous management under the banner of ‘iron and steel patriotism’ and has become a national company “It’s a nickname of honor,” he said “In the name of all 34 founding members, including Chairman Park Tae-. joon, who is in heaven, I urge the management to really think.”
Former Chairman Choi along with internal and external directors were investigated after suspicions arose that 680 million won spent on local charter flights and golf fees was illegally spent at a POSCO Holdings board meeting held in Canada for 5 nights and 7 days in August last year. I accept it. In the first quarter (January to March), the last year of former Chairman Choi’s term, POSCO Holdings’ sales fell 6.9% to KRW 18.52 trillion, and operating profit fell 17.3% to only KRW 583 billion.
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