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Posco CEO offers to resign following earnings hit, WSJ reports

Chung Joon-yang, the CEO of Posco (PKX) since February 2009, has submitted his resignation letter to the board after a global slump in the steel industry hit the company's earnings, reports the Wall Street Journal. The executive says "Despite challenging business conditions, Posco has posted strong performances, but I've decided to leave so that a new leadership can lead Posco's growth as a leading global company."