Foreign media: Samsung appoints non-executive director as new chairman for the first time

Samsung announced at a board meeting on Friday that park Jae-wan, one of its key non-executive directors, had appointed park Jae-wan as its new chairman, according tomedia ZDNet, the first time Samsung had appointed a non-executive director to head its board.

Media: Samsung appoints non-executive director as new chairman for the first time

Park Inwang (left)

Lee Sang-hoon, the former chairman of the board, resigned last week after being convicted of breaching trade union laws.

Park has been a non-executive director of Samsung Electronics since March 2016 and was South Korea’s Finance and Strategy Minister from 2011 to 2013, according to the data, and currently heads samsung electronics’ audit and governance committee.

In response, Samsung said the appointment would “increase the independence of the board and the transparency of management”.

Samsung also proposed the appointment of its television chief Han Jong-hee and chief financial officer Yoon Ho Choi as executive directors, whose appointments are pending approval at Samsung’s annual general meeting on March 18. If approved, they will replace Lee Sang-hoon, a former vice-chairman of Samsung, who failed to extend his term because of last year’s corruption trial.

Samsung’s TV business has reportedly been doing well, with sales of QLED TVs, led by Han Zhengxi, doubling in 2019 compared with the same period in 2018, and Mr Choi has been the company’s chief financial officer since the start of the annual restructuring earlier this year.