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Samsung Elec’s Jay Y. Lee appointed as board member
Collected
2016.10.28
Distributed
2016.10.31
Source
Go Direct
Samsung Electronics Co.’s vice chairman Jay Y. Lee has been named a board member at its extraordinary general meeting of shareholders on Thursday. The board has also approved another agenda item to spin off its printing business unit.

It was the first extraordinary shareholders’ meeting since July 1988 when Samsung Electronics had decided on a merger with Samsung Semiconductor & Communications.

Lee has been the de facto leader of South Korea’s largest conglomerate Samsung Group since his father and the group chairman Lee Kun-hee was hospitalized in 2014. “Lee’s election to the board will allow him to more actively participate and take formal responsibility in the company’s important decision making, contributing to creating long-term, sustainable value for all of our stakeholders,” said Kwon Oh-hyun, vice chairman of Samsung Electronics.

Lee has taken the director post from Lee Sang-hoon, chief financial officer in charge of overall management support who resigned from the board. He made the fourth managing director in the board along with Kwon, president of the company’s consumer electronics division Yoon Boo-keun and president of IT and mobile division Shin Jong-kyun.

The shareholders also approved a plan to spin off its printing business into a separate company and sell a 100 stake in the newly created entity to HP Inc. “The decision was made in the context of Samsung Electronics’ commitment to an on-going reorganization of business units in order to further concentrate on core competencies and to maximize competitiveness,” said Kwon.

Samsung Electronics shares closed Thursday at 1,573,000 won, up 0.38 percent or 6,000 won from the previous session.

By Lee Dong-in

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]