March 24 (UPI) — Samsung on Friday separated the role of chief executive officer and chairman of the board of directors for the first time in the company’s nearly five-decade history.
Shareholders elected President Lee Sang-hoon to replace Kwon Oh-hyun as chairman of the board.
“The separation will further empower the board of directors and enhance its independence,” Kwon said. “The board will be able to evaluate the company’s performance more objectively and have greater authority and efficiency as a decision making body.”
The decision was made at Samsung Electronics’ annual shareholders meeting in Seoul.
Shareholders also named the heads of the company’s three divisions to the board: President Kinam Kim (device solutions), President Hyunsuk Kim (consumer electronics) and Dongjin Koh (IT and mobile communications).
“I believe this is the right time for a younger leadership to take the helm of the company to better respond to a rapidly changing global IT industry,” Kwon said. “I sincerely hope that our shareholders will continue to show unwavering interest and support our new management team.”
