ID :
41461
Mon, 01/19/2009 - 13:10
Auther :
Shortlink :
https://www.oananews.org//node/41461
The shortlink copeid
Samsung's heir apparent excluded from annual promotion
SEOUL, Jan. 19 (Yonhap) -- Lee Jae-yong, the heir apparent to former Samsung Group chairman Lee Kun-hee, was excluded from an annual promotion of executive officials at Samsung Electronics Co., the group said Monday, Samsung Electronics didn't promote the junior Lee, a senior vice president at the world's largest maker of computer memory chips, by one level to executive vice president because his three-year term in the current post isn't finished, the group said in a statement.
In South Korea, the younger Lee's position at Samsung Electronics has drawn
intense scrutiny because he is widely expected to take over Samsung Group, the
nation's biggest business conglomerate, in the coming years.
Some analysts say the founding family of Samsung is still waiting for the
40-year-old Lee to build his track record before passing the mantle on to the
next generation.
A spokesman at Samsung declined to comment on Monday's reshuffle.
The Harvard Business School graduate, who joined the company in 1991 and was
promoted to his current post in 2007, was recently reassigned to the company's
overseas operations in the wake of a parliament-ordered corruption probe against
the group last year.
His 69-year-old father stepped down in April last year shortly before he was
convicted of tax evasion and sentenced to a three-year-suspended jail term.
Last week, Samsung Electronics announced a large-scale restructuring scheme that
calls for the company to combine its four business divisions into two major
groups, in a move intended to fight off the looming global economic recession.
Under the reshuffle, Samsung Electronics consolidated its semiconductor and
liquid-crystal display units into the Device Solution division. The company also
combined its mobile phone and consumer electronics units into the Digital Media
and Communications
division.
On Monday, Samsung promoted a total of 247 executive-level officials at its
affiliates, including 91 executives at Samsung Electronics. Overall, the group
cut 10 percent of its roughly 1,600 executive jobs.
"The number of executives promoted this year was cut by 22 percent from last year
to ensure the company copes with the worsening business conditions, which are set
to continue for the time being," Samsung Electronics said in a statement.
Samsung Electronics is also the world's largest maker of liquid-crystal displays.
The company ranks second in the world in global handset production, behind
Finland's Nokia Corp.
The Samsung Group, which accounts for roughly 20 percent of South Korean exports,
has 59 affiliates and employs some 250,000 workers worldwide.
(END)
In South Korea, the younger Lee's position at Samsung Electronics has drawn
intense scrutiny because he is widely expected to take over Samsung Group, the
nation's biggest business conglomerate, in the coming years.
Some analysts say the founding family of Samsung is still waiting for the
40-year-old Lee to build his track record before passing the mantle on to the
next generation.
A spokesman at Samsung declined to comment on Monday's reshuffle.
The Harvard Business School graduate, who joined the company in 1991 and was
promoted to his current post in 2007, was recently reassigned to the company's
overseas operations in the wake of a parliament-ordered corruption probe against
the group last year.
His 69-year-old father stepped down in April last year shortly before he was
convicted of tax evasion and sentenced to a three-year-suspended jail term.
Last week, Samsung Electronics announced a large-scale restructuring scheme that
calls for the company to combine its four business divisions into two major
groups, in a move intended to fight off the looming global economic recession.
Under the reshuffle, Samsung Electronics consolidated its semiconductor and
liquid-crystal display units into the Device Solution division. The company also
combined its mobile phone and consumer electronics units into the Digital Media
and Communications
division.
On Monday, Samsung promoted a total of 247 executive-level officials at its
affiliates, including 91 executives at Samsung Electronics. Overall, the group
cut 10 percent of its roughly 1,600 executive jobs.
"The number of executives promoted this year was cut by 22 percent from last year
to ensure the company copes with the worsening business conditions, which are set
to continue for the time being," Samsung Electronics said in a statement.
Samsung Electronics is also the world's largest maker of liquid-crystal displays.
The company ranks second in the world in global handset production, behind
Finland's Nokia Corp.
The Samsung Group, which accounts for roughly 20 percent of South Korean exports,
has 59 affiliates and employs some 250,000 workers worldwide.
(END)
