POSCO has cut its number of executives by 30 percent as part of restructuring efforts to tackle the prolonged slump in its core steel business, the group said in a statement Monday.
The steelmaker has reduced the number of senior staff from 369 last year to 259 and cut down the number of offices within the group by 22 percent to improve efficiency.
The decision was released less than a week after the steelmaker logged its first-ever net loss of 96 billion won in 2015, due to weak global demand for steel products.
Hwang Eun-yeon, new POSCO president
In an apparent effort to seek changes at a leadership level, the group named Hwang Eun-yeon as its new president and promoted Chang In-wha as its new vice president.
The group also named Han Chan-kun, vice president of Daewoo International as the new president of its construction arm, POSCO Engineering and Construction.
By Cho Chung-un (firstname.lastname@example.org