Samsung recently announced the hire of a new chief financial officer for the electronics giant.
The appointments of new managers of their main businesses including semiconductors, smartphones and consumer electronics is also expected to announced. The company rewards shareholders with $26 billion in payouts through 2020. The bad news is that the the company’s co-CEOs J.K. Shin and Yoon Boo-keun must step down.
Roh Hee-chan, new CFO of Samsung will be responsible for some 76 trillion won ($68.27 billion) in cash and cash equivalents. He was earlier CFO of Samsung Display Co Ltd. As a result, the existing Chief Financial Officer Lee Sang-hoon will resign from his CFO role. Sang-hoon was appointed chairman of the board.
In addition to the announcement of promotion of Hee-chan, there were other announcements also included that Hwang Deuk-kyu would become the head of Samsung Electronic’s China business. He had already assisted as chief of semiconductor production facilities in South Korea.
Samsung declared new advisory roles for former co-chief executive officer and vice chairman Kwon Oh-hyun, former co-chief executive officer President Yoon Boo-keun and former co-chief executive officer President J.K. Shin, all three of whom offered to step down last month.
These changes in management and executive levels are cause for concern among investors following the arrest and conviction of vice chairman Jay Y. Lee on bribery charges earlier this year. Lee was sent to prison for five years for bribery and perjury in August. The son of Samsung’s chairman Lee Kun-hee, assumed control after his father suffered a heart attack in 2014.
It was noted that in the past three days, the company’s share price rose above 6 percent just due to the changes in management, reaching a record 2.876 million won during last Thursday’s trade.