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POSCO CHEMICAL Announces Corporate Name Change to POSCO FUTURE M
2023.02.24
- The company pledges to propel the group’s transformation into being a leader of future green materials.
- Presidents Kim Joon-hyung, Yoon Deok-il and Kim Jin-chool were recommended for new inside directors, while Kim Won-yong and Lee Woong-beom were rerecommended for outside directors.
POSCO CHEMICAL is changing the corporate name to POSCO FUTURE M.
POSCO CHEMICAL announced today that it was changing its name to POSCO FUTURE M at a board meeting, where they approved the company name change agenda for the general meeting of shareholders (GMS). The new name will be confirmed at the GMS slated for March 20.
POSCO FUTURE M is a combination of the word Future and letter M, which stands for Materials, Movement and Management, communicating intuitively that the company is a future materials company, committed to lead the POSCO Group’s change moving ahead.
In addition, while the POSCO Group is seeking a great transformation into being a leading company of eco-friendly future materials along with the launch of a holding company last year, the new name is a sign that POSCO FUTURE M will point the way forward as a key company of the group, which has facilitated national development through steel business.
POSCO CHEMICAL was founded in 1971 as a company that engaged mainly in basic materials, including refractories, lime firing, and carbon chemistry. Today, the company has grown exponentially boasting a much bigger product portfolio that includes battery materials, such as cathode and anode materials. In particular, the company has gained a competitive edge over its rivals in the battery materials business on the basis of the full value chain established at the group level. POSCO CHEMICAL is also strengthening its environmentally friendly future materials business, such as hydrogen peroxide for high-tech industries, including semiconductors and displays, and green activated carbon for water and air purification.
In addition, the board meeting approved the agenda on the recommendations for inside and outside directors. President Kim Jun-hyung and President of Planning and Support Yoon Deok-il were recommended for new inside directors, while President of the Safe Environment Center Kim Jin-chool and Green Future Materials Team Leader from POSCO HOLDINGS Yoo Byung-ok were recommended for an inside director and non-standing director, respectively. Outside directors, Kim Won-yong and Lee Woong-beom, and the other inside and outside director candidates who were recommended that day will be appointed officially at the GMS.
POSCO CHEMICAL has also resolved to introduce the agenda regarding a new dividend procedure through which the dividend size and the dividend record date are determined consecutively. Countries with advanced financial systems, including the US, France and Germany use this method, and, therefore, it meets the global standard. This is also a great way to stimulate investment as it allows investors to check the dividend size in advance and decide whether to invest or not. Therefore, the change is anticipated to increase investor returns.
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□ Inside/Outside director candidates
|
Category |
Name |
Career
highlights |
Term |
|
Inside director |
Kim Jun-hyung |
POSCO
CHEMICAL CEO Former
SNNC CEO Former
President, Energy Materials Division, POSCO CHEMICAL Former
POSCO ESM CEO |
1 year |
|
Yoon Deok-il |
President,
Planning and Support Division, POSCO CHEMICAL Former
President, Business Planning Division, POSCO Former
President, Business Planning Division, POSCO E&C Former
Director, Financial Office, POSCO |
||
|
Kim Jin-chool |
President,
Safe Environment Center, POSCO CHEMICAL Former
Director Pohang Furnace Materials Office, POSCO CHEMICAL Former
Director, Refractories Marketing Office, POSCO CHEMICAL |
||
|
Non-standing
director |
Yoo Byung-ok |
Leader,
Green Future Materials Team, POSCO HOLDINGS Former
General Manager, Industrial Gas & Hydrogen Business Division, POSCO Former
President, Purchase & Investment Division, POSCO Former
Director, Business Management Office, POSCO |
|
|
Outside director |
Lee Woong-beom |
Outside
Director, POSCO CHEMICAL Former
President, Yonam Institute of Technology Former
President, Battery Business Division, LG Chem Former
CEO, LG Innotek |
2 years |
|
Kim Won-yong |
Outside
Director, POSCO CHEMICAL Director,
Kim & Chang Future Society Research Institute Former
Director, CMK Foundation, Hyundai Motor Former
Outside Director, Hanwha Investment & Securities |