India News - Seoul: South Korean electronics major Samsung Vice Chairman Lee
Jae-yong will take greater control and responsibility in the management as a
registered executive director on the board, the company said on Monday.
SEOUL, South Korea (AP) — Samsung
Electronics vice chairman Lee Jae-yong, the only son of its ailing chairman,
was nominated Monday to join its board of directors.
The announcement comes as the South Korean
company grapples with an unprecedented smartphone recall that has wiped out
billions of dollars from its market value. It recalled 2.5 million Galaxy Note
7 smartphones earlier this month and urged consumers around the world to stop
using the phone immediately as airlines and aviation regulators urged the same
due to safety concerns.
In announcing Lee's nomination to the board,
the company said in a statement that the Samsung board believes that "the
time is now right." Rather than waiting until the shareholder meeting next
year, "his appointment now will allow him to more actively participate —
and take formal responsibility — as a board member in important decisions such
as the composition of the executive management team and strategic growth
initiatives including M&A deals."
The board announced that they have decided to hold an
extraordinary shareholders’ meeting to appoint Lee as a registered director of
Samsung Electronics, Korea Times reported.
According to the
company, the decision was made keeping in mind the urgent need for strategic
decision-making on aggressive investments and new growth engines from a
long-term perspective.
Lee Sang-hoon (Director)
: India News
“We have agreed that we cannot postpone the vice chairman’s
appointment as registered director and his official participation in management
as we need to keep pushing for aggressive and swift investments for future
growth and business restructuring to strengthen our core competitiveness and
corporate culture innovation amid rapid changes in the IT industry,” the
directors were quoted as saying.
The board also praised Lee’s leadership capabilities and said that
the vice chairman has accumulated years experience in business management as
chief operating officer.
“He has demonstrated
his capability and talent as a leader while accomplishing a performance
turnaround and business restructuring even under a difficult management
environment with Chairman Lee Kun-hee hospitalised for the last two years,” the
board said.
If the planned appointment passes an extraordinary shareholders’
meeting next month, Samsung Electronics CFO Lee Sang-hoon will resign from his director position to maintain
the board’s quota, the report said.
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