By Alex Ho
Samsung Electronics Co Ltd (KS:005930) announced today that former finance minister, Bahk Jae-wan, was appointed as the new company board chairman.
The appointment is effective immediately, the company said in a statement.
"He has a wealth of experience as an administrator...and is expected to lead the board's strategic decisions," the statement said, noting that he "has a deep understanding of the company and the board.”
Bahk will not be involved in day-to-day business operations. He is expected to chair board meetings and approve major business decisions.
He replaced Lee Sang-hoon, who resigned from his role just under two months after being found guilty of union sabotage. Lee was sentenced to 18 months in jail in December.
Samsung’s shares in South Korea dropped 1.0% to KRW 59,400 by 11:52 PM ET (03:52 GMT).
