POSCO FUTURE M held a regular board meeting on the 24th and announced that it has approved the sale of the Gumi cathode materials plant and recommended new candidates for internal and external directors as agenda items for the regular shareholders' meeting.

POSCO FUTURE M has been reviewing the utilization plan for the Gumi cathode materials plant since last year as part of a portfolio adjustment following changes in its main products. They conducted a private competitive bidding process for interested companies and chose Future Advanced Materials as the preferred negotiation partner to proceed with the sale negotiations. With the board's decision, the sale process is expected to be finalized in the first half of the year.

Eom Gi-cheon (from left) candidate for inside director of POSCO FUTURE M, Jung Dae-hyung candidate for inside director, Cheon Seong-rae other non-executive director, Heo Gyeong-wook candidate for outside director. / Courtesy of POSCO FUTURE M

Additionally, the board on the same day recommended President Eom Gi-cheon and Planning Support Headquarters Head Jeong Dae-hyung as new internal directors. The nominated internal and external director candidates will be officially appointed at the regular shareholders' meeting on March 24.

President Eom has held key positions including leader of POSCO PosLX (lithium) project group, head of overseas subsidiaries (China/Vietnam), director of the steel planning office, and marketing strategy director. In 2024, he was appointed head of the energy materials division at POSCO FUTURE M, where he has been leading the secondary battery materials business.

Head Jeong has held strategic positions including director of the management strategy office at POSCO and head of the management strategy team at POSCO Holdings. He was appointed head of management planning at POSCO FUTURE M last year, overseeing finance and strategy tasks.

The new candidate for external director is former Vice Minister of the Ministry of Strategy and Finance Heo Gyeong-wook. Heo has over 30 years of experience as an expert in economic and international affairs, having held key positions including first vice minister of the Ministry of Strategy and Finance and ambassador extraordinary and plenipotentiary to the Organization for Economic Cooperation and Development (OECD) in Korea.

For other non-executive directors, POSCO Holdings' Cheon Seong-rae, head of the business synergy division, was recommended. Head Cheon has served as director of marketing for POSCO hot-rolled wire rod, head of overseas subsidiaries (India), head of the steel team at POSCO Holdings, and head of the carbon neutrality team.