Samsung names scion board of directors

Seoul:Sout Korean electronics major Samsung Vice Chairman Lee Jae-yong will take greater control and responsibility in the management as a registered executive director on the board, the company said on Monday.

The board announced that they have decided to hold an extraordinary shareholders' meeting to appoint Lee as a registered director of Samsung Electronics, Korea Times reported.

According to the company, the decision was made keeping in mind the urgent need for strategic decision-making on aggressive investments and new growth engines from a long-term perspective.

"We have agreed that we cannot postpone the vice chairman's appointment as registered director and his official participation in management as we need to keep pushing for aggressive and swift investments for future growth and business restructuring to strengthen our core competitiveness and corporate culture innovation amid rapid changes in the IT industry," the directors were quoted as saying.

The board also praised Lee's leadership capabilities and said that the vice chairman has accumulated years experience in business management as chief operating officer.

"He has demonstrated his capability and talent as a leader while accomplishing a performance turnaround and business restructuring even under a difficult management environment with Chairman Lee Kun-hee hospitalised for the last two years," the board said.

If the planned appointment passes an extraordinary shareholders' meeting next month, Samsung Electronics CFO Lee Sang-hoon will resign from his director position to maintain the board's quota, the report said.