[Samsung HR] Major Affiliate CEOs Likely to Be Overhauled... '60-Year-Old Rule' Applied

[Asia Economy Reporters Kim Hyewon and Oh Hyungil] As Samsung Group has carried out a 'late-blooming' executive reshuffle, unlike the relatively small changes in Samsung Electronics' management announced on the 20th, it is widely expected that the CEOs of major affiliates will undergo significant changes in accordance with the '60-year-old rule' (retirement at age 60 or above). Except for Choi Young-moo, President of Samsung Fire & Marine Insurance born in 1963, all CEOs of Samsung C&T, SDI, SDS, Samsung Electro-Mechanics, and Samsung Life Insurance are subject to the 60-year-old rule.

First, at Samsung Electro-Mechanics, President Lee Yoon-tae stepped down, and Vice Chairman Kyung Kye-hyun of Samsung Electronics was promoted and transferred to the position. Lee Young-ho, President of Samsung C&T, was born in 1959, while Jeon Young-hyun, President of Samsung SDI, and Hong Won-pyo, President of Samsung SDS, were born in 1960.

In the executive reshuffle scheduled for the 21st in the financial sector, except for Samsung Fire & Marine Insurance, a generational change is expected through personnel transfers among affiliates. At the position vacated by Hyun Sung-chul, President of Samsung Life Insurance, Jeon Young-mook, President of Samsung Asset Management, is expected to move in, and at Jeon's former position, Shim Jong-geuk, Vice Chairman and Head of FC Sales Division at Samsung Life Insurance, is reported to be transferred. Kim Dae-hwan, Vice Chairman and Head of Management Support at Samsung Life Insurance, is a strong candidate to succeed as President of Samsung Card. Although there are rumors that the President of Samsung Securities will remain, if replaced, Yoo Ho-seok, Head of Asset Management Division at Samsung Life Insurance, is being considered.

Samsung plans to complete the executive appointments across all affiliates early, without delay, by just before the Lunar New Year holiday, as this reshuffle was postponed by about a month and a half compared to the usual timing (early December). Since the 17th, Samsung has been conducting sequential interviews and notifications with retiring executives. However, Samsung initially intended to finalize the organizational restructuring within this week but is now expected to form the new organizational chart after the Lunar New Year holiday following final adjustments.