On Friday, Samsung Electronics named Bahk Jae-wan, its former finance minister as the new chairman of its board after his predecessor was jailed for union-busting activities.
Since March 2016, Bahk, 65, served as an independent director on Samsung’s board. He “has a deep understanding of the company and the board,” said Samsung in a statement while adding, the appointment, effective immediately, will enhance the board’s independence and management transparency.
“He has a wealth of experience as an administrator…and is expected to lead the board’s strategic decisions,” said the statement.
Samsung’s board chairman is not involved in day-to-day business operations but chairs a board meeting to review and approve major business decisions including investment plans.
Samsung Electronics plans on holding its annual shareholder meeting on March 18 where shareholders will vote on proposals for its two new board nominees.