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Business<br />
Son promoted<br />
to president<br />
Lee Jae-yong, 42, son of<br />
Samsung Group's Chairman Lee<br />
was officially promoted to president<br />
on December 3, 2010. It is a<br />
sign of Samsung's efforts to further<br />
progress in the succession plan<br />
which is considered to be part of<br />
Chairman Lee's vision of creating a<br />
younger Samsung leading the conglomerate<br />
by the next generation.<br />
Lee Jae-yong will continue to assume<br />
the chief operating officer<br />
(COO) position at Samsung<br />
Electronics. His current job as<br />
COO makes him responsible for<br />
the overall business of Samsung<br />
Electronics. However, the range of<br />
his role will expand across the<br />
group not limited to only Samsung<br />
Electronics. Rather, he will focus<br />
on strengthening strategic relationships<br />
with major customers in the world on behalf of Samsung<br />
Group.<br />
With this, Lee Boo-jin, 40 year old sister of Lee Jae-yong, was<br />
named president and CEO of Hotel Shilla, and president of<br />
Samsung Everland Inc. from the current position, senior vice<br />
president of Hotel Shilla and Everland. Also notable is the fact<br />
that Choi Gee-sung, president and chief executive officer of<br />
Samsung Electronics was promoted to vice chairman. Hereby,<br />
the two-top systems led by Mr. Choi and Lee will be leading the<br />
new Samsung in addition to Mr. Choi continuing his role as<br />
CEO. Mr. Choi joined Samsung in 1977 since then; he is known<br />
as a marketing expert. He increased Samsung's global market<br />
share by 5.1 percent from 2006 to 2008 to 16.7 percent, making it<br />
the world's second-largest handset maker. He is also credited with<br />
successfully becoming the world's No. 1 TV brand in 2006. Based<br />
on his career, he is ranked as a well fitter for ensuring the dominance<br />
of semiconductor and strengthening new business.<br />
Samsung's new plan for the future<br />
Samsung has launched the "Future Strategy Department" for<br />
preparing the next 60 years of Samsung. Kim Soon-taek,<br />
Samsung Electronics vice chairman, was appointed to take the<br />
lead. This is basically the re-establishment of the Strategic<br />
Planning Office (SPO) which handled the group's diversity operations.<br />
The Strategic Planning Office, in-house control tower, will<br />
be in charge of managing group-wide affairs and plays a central<br />
role for 'Samsung 100 years' focusing on searching for new<br />
growth engines. Also, preparing and management succession to<br />
Lee Jae-yong, recently promoted to president of Samsung<br />
Electronics<br />
Lee Jae-yong will be one of the important<br />
missions of the office. With<br />
Kim Soon-taek as the center, the office<br />
is composed of 6 teams from<br />
public relations to finance, economic<br />
diagnostics, and personnel management.<br />
To live down the scandal<br />
which took place back in the day,<br />
the office is now trying to make<br />
management more transparent. In<br />
April 2008, the office had to close<br />
due to its corruption scandal that<br />
led to the resignation of Chairman<br />
Lee.<br />
New business development<br />
and innovation<br />
Samsung C&T is ready for<br />
change on a new level. Lee Haksoo,<br />
who headed the strategic planning<br />
office, was named an advisor<br />
for Samsung C&T. As Chairman<br />
Lee and advisor Lee ordered aggressive<br />
management to Jung Yeon-Joo who is president and<br />
CEO of Samsung C&T, Samsung C&T will be working as an advancement<br />
guard with Samsung Electronics for spreading<br />
Samsung throughout the world. Samsung C&T's overseas orders<br />
for the first half of 2010 was KRW 4.763 trillion, more than double<br />
the 2009 figure. According to an official from the company,<br />
the future strategy of Samsung C&T is to make inroads into<br />
India, Latin America and Africa. Samsung C&T plans to achieve<br />
34.4 percent average annual revenue growth.<br />
Samsung will also concentrate on the semiconductor and components<br />
business. Jun Dong-Soo, vice president of memory marketing<br />
of Samsung Electronics was promoted to president. As<br />
Mr. Jun is recognized as the master of the memory business, the<br />
memory business is expected to expand the gap between competitors<br />
by concentrating on manufacturing products. Everyone<br />
knows that a wind of change is blowing through Samsung, the<br />
nation's biggest business conglomerate. There are high expectations<br />
for the New Samsung. By reflecting on these expectations,<br />
the group's shares rose from 2 percent to 4 percent. Samsung<br />
Electronics rose 4.1 percent, Samsung C&T 4.6 percent, Hotel<br />
Shilla 3.4 percent, Cheil Industries 2.2 percent. On this particular<br />
day, shares of Samsung Electronics and Cheil Industries reached<br />
an all-time high of KRW 894,000 from KRW 114,000 respectively.<br />
It seems like the transition is going smoothly at the moment,<br />
displaying much attention towards the new Samsung.<br />
Kim Yearim/ yearim@koreaittimes.com<br />
www.koreaittimes.com 33
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