Samsung Electronics appoints Roh Hee-chan as its CFO

Roh appointment forms part of a larger series of top appointments at Samsung Electronics which has resulted in newer younger generation coming to the helm in one of Asia’s biggest conglomerate.

On Thursday, Samsung Electronics Co Ltd decided to name Roh Hee-chan as its new Chief Financial Officer (CFO), placing him at the helm of one of Asia’s biggest corporate cash pile.

The appointment comes in the wake of Lee Sang-hoon, Samsung’s former CFO, stepping down from the role two days ago after being nominated as Samsung’s next chairman of the board.

Previously Roh was the CFO of Samsung Display, a unit of Samsung Electronics.

Roh will oversee $68.31 billion worth of Samsung Electronics’ cash holding and cash equivalent, which incidentally rose by 8% from the first quarter.

Roh’s appointment forms part of several other appointments at senior executive levels at Samsung, which were announced on Thursday.

The appointments included a new head of Samsung’s China business, Hwang Deuk-kyu, but most kept their current roles in addition to being promoted to President.

These appointments essentially mark a new generation of top managers coming to the helm at Samsung.

Samsung has promised to reward shareholders with $26 billion in payouts to 2020.

The change of management at the top level was designed to ease investors’ concerns about a leadership vacuum following the arrest and conviction of Vice Chairman Jay Y. Lee on bribery charges earlier this year.

Samsung Electronics’ shares have appreciated by 6% in three days since the shake-up was unveiled and has touched a record high of 2.876 million won per share on Thursday.

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Categories: Creativity, Entrepreneurship, HR & Organization, Strategy

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