ID :
41059
Fri, 01/16/2009 - 19:22
Auther :
Shortlink :
https://www.oananews.org//node/41059
The shortlink copeid
Samsung shakes up executive ranks to fight economic crisis
(ATTN: ADDS details about Samsung Electronics, executive pay cuts in paras 5-8;
AMENDS headline)
SEOUL, Jan. 16 (Yonhap) -- Samsung Group, South Korea's largest business
conglomerate, said Friday it has promoted or replaced 25 chief executives at its
affiliates in a sweeping management reshuffle intended to fight off the global
economic crisis.
Samsung Electronics Co., the group's crown jewel and the world's largest maker of
memory chips and liquid crystal display panels, has been hurt by sinking demand
for semiconductors and flat-panel televisions.
The reshuffle marked the first restructuring effort since the group's former
chairman, Lee Kun-hee, stepped down in April last year in the wake of a
parliament-ordered corruption probe that led to his indictment for tax evasion
and other charges.
In October last year, an appellate court upheld a lower court's decision to give
Lee a three-year suspended jail term.
Under the reshuffle, Samsung Electronics Vice Chairman Lee Ki-tae, who has
overseen the company's mobile-phone business, and Vice Chairman Hwang Chang-kyu,
head of the semiconductor division, departed.
Instead, Samsung Electronics will be jointly headed by Vice Chairman Lee Yoon-woo
and Choi Ji-sung, head of the LCD division, the group said. Choi is known to be a
close confidante of Lee Jae-yong, the only son of former Samsung chairman Lee
Kun-hee and who is being groomed to succeed the group.
Kim Jing-wan, chief executive of Samsung Heavy Industries Co., the world's No. 2
shipyard, was promoted to become the company's vice chairman. Twelve chief
executives at Samsung affiliates were replaced, the group said.
Samsung said it will cut executive salaries by as much as 20 percent and reduce
other employee benefits to "share the burden" stemming from the global economic
crisis.
At the same time, Samsung Electronics plans to combine its semiconductor and
liquid crystal display divisions into a single parts business. The company's home
appliance and mobile phone divisions will also be consolidated into a product
business, group officials said.
Samsung, which accounts for about 20 percent of South Korea's annual exports,
consists of 59 affiliates.
(END)
AMENDS headline)
SEOUL, Jan. 16 (Yonhap) -- Samsung Group, South Korea's largest business
conglomerate, said Friday it has promoted or replaced 25 chief executives at its
affiliates in a sweeping management reshuffle intended to fight off the global
economic crisis.
Samsung Electronics Co., the group's crown jewel and the world's largest maker of
memory chips and liquid crystal display panels, has been hurt by sinking demand
for semiconductors and flat-panel televisions.
The reshuffle marked the first restructuring effort since the group's former
chairman, Lee Kun-hee, stepped down in April last year in the wake of a
parliament-ordered corruption probe that led to his indictment for tax evasion
and other charges.
In October last year, an appellate court upheld a lower court's decision to give
Lee a three-year suspended jail term.
Under the reshuffle, Samsung Electronics Vice Chairman Lee Ki-tae, who has
overseen the company's mobile-phone business, and Vice Chairman Hwang Chang-kyu,
head of the semiconductor division, departed.
Instead, Samsung Electronics will be jointly headed by Vice Chairman Lee Yoon-woo
and Choi Ji-sung, head of the LCD division, the group said. Choi is known to be a
close confidante of Lee Jae-yong, the only son of former Samsung chairman Lee
Kun-hee and who is being groomed to succeed the group.
Kim Jing-wan, chief executive of Samsung Heavy Industries Co., the world's No. 2
shipyard, was promoted to become the company's vice chairman. Twelve chief
executives at Samsung affiliates were replaced, the group said.
Samsung said it will cut executive salaries by as much as 20 percent and reduce
other employee benefits to "share the burden" stemming from the global economic
crisis.
At the same time, Samsung Electronics plans to combine its semiconductor and
liquid crystal display divisions into a single parts business. The company's home
appliance and mobile phone divisions will also be consolidated into a product
business, group officials said.
Samsung, which accounts for about 20 percent of South Korea's annual exports,
consists of 59 affiliates.
(END)
