Reviewing Additional Appointments of Semiconductor Experts
Enhancing Competitiveness Through Board Restructuring
Shin Jeyoon, Former Financial Services Commission Chairman, Mentioned as Candidate for Board Chairman
Discussion of Chairman Lee Jaeyong as Registered Director Excluded
Samsung Electronics held a board meeting on the 18th to discuss the nomination of internal and external director candidates to be presented at the regular shareholders' meeting next month. The board will convene again after the shareholders' meeting to elect the next chairman.
Shin Je-yoon, former chairman of the Financial Services Commission, is a strong candidate for the board chairman, while Jeon Young-hyun, head of the Device Solutions division (vice chairman), is a leading candidate for internal director. Currently, Samsung Electronics' board consists of three internal directors and six external directors, with some directors expected to be replaced as their terms expire.
Among the internal directors, Vice Chairman Han Jong-hee (head of the DX division) and President Roh Tae-moon (head of the MX business division) are expected to be retained, while former Memory Business Division head Lee Jung-bae is likely to step down. Since Lee retired from the Memory Business Division at the end of last year, he is also expected to relinquish his internal director position at this board meeting. A former vice chairman is likely to join as Lee's successor.
Additionally, to strengthen technical expertise in the semiconductor sector, President Song Jae-hyuk, CTO of the DS division, and Nam Seok-woo, CTO of the Foundry Business Division, are being discussed as candidates for internal directors. If appointed, Samsung Electronics' board will have two internal directors each from the DX (home appliances and smartphones) and DS (semiconductor) divisions.
Among the external directors, the terms of Board Chairman Kim Han-jo and CIO Kim Jun-sung are set to expire. Chairman Kim will step down after completing a six-year term, including one renewal, and former Financial Services Commission Chairman Shin Je-yoon is being strongly considered as the new board chairman. Shin has served as an external director of Samsung Electronics since March last year and previously held positions as the International Affairs Manager at the Ministry of Finance and Economy and chairman of the Financial Services Commission.
On the other hand, it is reported that the agenda for the return of Samsung Electronics Chairman Lee Jae-yong as a registered director will not be discussed at this board meeting. This is due to ongoing judicial risks following the prosecution's decision to appeal to the Supreme Court regarding the 'Samsung C&T and Cheil Industries unfair merger allegations' case. Accordingly, the decision on whether to appoint him as a registered director will be made after monitoring future developments.
Through this board meeting, Samsung Electronics plans to strengthen expertise in the semiconductor field and focus on restoring its global competitiveness.
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