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Biz News Korea(Eng)
Samsung Elec hoping to restore shareholders’ confidence in Thursday ad hoc meeting
- Collected
- 2016.10.24
- Distributed
- 2016.10.25
- Source
- Go Direct
Thursday’s extraordinary shareholders’ meeting called up by the world’s largest memory chip and smartphone maker for the first time in 28 years was originally arranged for the purpose of voting in Jay Y. Lee, vice chairman of Samsung Electronics, as registered managing board director and endorsing printer business sale to HP Inc. for $1.05 billion on Nov. 1.
After the formalities, the meeting would instead likely be used as a stage for the electronics giant to explain the ongoing refund program on combustion-prone Galaxy Note7 phones and ways to recoup the company’s reputation and sales from the major flop with its latest innovation. The discontinuation of the newest flagship model is estimated to cause an estimated $5.6 billion dent in the company’s balance sheet until the first quarter of next year.
Shin Jong-kyun, president of the company’s IT and mobile division, will brief shareholders of the current and future plans.
The company also has been under pressure from U.S. activist investor Elliot Management to reform ownership structure.
The U.S. fund that called for demerger of the company into separate holding and operating entities is not expected to send a representative to the meeting. Longer-term business and ownership overhaul outline won’t also come out of the upcoming meeting as Lee also won’t be attending.
By Song Sung-hoon and Lee Dong-in
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