Samsung appoints former finance minister Bahk Jae-wan as new board chairman
Samsung Electronics said on Friday that former finance minister Bahk Jae-wan had been appointed as the tech giant’s new board chairman after his predecessor was imprisoned for union-busting activities.
Bahk had been serving in the company since 2016 and has been deemed by Samsung as “having a deep understanding of the company and the board”.
"He has a wealth of experience as an administrator...and is expected to lead the board's strategic decisions," the statement added.
While board chairmen aren’t involved in every-day business operations, they chair board meetings in order to review and approve major decisions for the company. These decisions also include investment plans.
The electronics giant said that it plans to hold its annual shareholder meeting on March 18 where shareholders will vote on proposals for its two new board members.