Kwon Oh-joon, the CEO of Korea’s largest steelmaker Posco, said he will resign at a hastily called board meeting at the company’s headquarters in southern Seoul on Wednesday. “I think it’s best for Posco to have a younger and more talented leader to survive another half century,” Kwon said in a statement after the meeting. Following Kwon’s announcement, Posco board directors have started the search for a new leader for the company. A counsel dedicated to appointing a new CEO consisting of five outside directors plus Kwon will have its first meeting early next week to discuss the nomination’s timeline and procedure. Kwon will keep his job until a new CEO takes over. The company said it is trying to make the transition period as short as possible, and it is expected to take roughly two to three months, according to industry sources. Ever since Kwon managed to secure a second term as CEO of Posco in a shareholders’ meeting in April 2017, there were doubts about whether he would be able to fully serve the term, which ends in 2020. No CEO of Posco, except for its founder Park Tae-joon, was able to serve a full second term at the company, mostly due to political pressure. Though the formerly state-run steelmaker was privatized in 2000, government authorities continued to influence company management.