Samsung boosts leadership with global hires
Samsung Electronics has strengthened its leadership team by bringing in professionals from leading global companies, including Apple, Siemens, Qualcomm and General Motors, the company revealed in its first-quarter earnings report on Monday.
The move reflects a broader push by Samsung Electronics Chairman Lee Jae-yong, who has emphasized the need to secure world-class talent across key business divisions.
Among the high-profile appointments is Vice President Choi Jae-in, a former director at Apple who holds a Ph.D. from the Georgia Institute of Technology. Choi joined Samsung's Mobile eXperience division, which oversees smartphones and mobile devices, earlier this year to lead development efforts.
In the corporate planning division, Executive Director Moon Sung-man has been brought on board for his expertise in health care technology, having previously worked at Siemens Healthineers. Moon earned his Ph.D. from the University of Utah.
Kim Jin-mook, an expert in strategic and financial consulting with prior experience at Boston Consulting Group and Goldman Sachs, has been appointed managing director to lead the Samsung Care+ team. Kim previously served as CEO of Bolttech Korea.
Executive Director Yoon Seung-guk, who holds a doctorate from the Massachusetts Institute of Technology, now heads the Samsung Research Robot Center. Yoon formerly worked as a staff software engineer at Cruise, General Motors' autonomous vehicle subsidiary.
Samsung has also named Mauro Porcini its first-ever president and chief design officer. A globally recognized industrial designer, Porcini previously served as Chief Design Officer at PepsiCo and 3M.
In retail, former Tommy Hilfiger North America President Sophia Hwang-Judiesch has joined Samsung as Executive Vice President to lead the company's global retail strategy.
In the TV business, Managing Director Kim Joo-young — who led the development of Horizon OS at Meta's Reality Labs — has been hired to enhance Samsung's service business.
These appointments align with Chairman Lee Jae-yong's directive to attract top-tier professionals as Samsung navigates an increasingly competitive global technology landscape.
'First is technology, second is technology and third is also technology. We must recruit and foster top-tier talent who may even surpass current leadership, regardless of nationality or gender,' Lee said at a recent executive seminar.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Korea Herald
12 hours ago
- Korea Herald
Kospi hits 10-month high on hopes for Lee's economic revival
Foreign inflows, stimulus plans drive 10-month high as new president takes office South Korea's stock market climbed to a 10-month high on optimism that newly inaugurated President Lee Jae-myung will act swiftly to revive the country's sluggish economy through aggressive stimulus and market reforms. The benchmark Kospi breached the 2,800 mark on Thursday for the first time since July 2024, extending gains from the previous session. The index jumped more than 2 percent in early trading to an intraday high of 2,831.11 before paring gains to hover near 2,800 as of 2:30 p.m. The rally followed Wednesday's nearly 3 percent surge, which pushed the index to a year-to-date high of 2,770.84. Foreign investors net bought 1 trillion won ($735.4 million) and institutions added 200 billion won, while individuals sold 1.2 trillion won to lock in profits. The buying continued Thursday, with foreigners and institutions snapping up another 670 billion won and 400 billion won, respectively, as retail investors offloaded 1 trillion won more. Markets are responding to Lee's full-throttle policy agenda centered on restoring livelihoods and reigniting growth. 'We will begin by restoring livelihoods and revitalizing the economy,' Lee said Wednesday, launching an emergency economic task force as his first executive order. Among his initial directives was finalizing a supplementary budget. Lee pledged at least 30 trillion won in fresh stimulus to be drafted, following the 13.8 trillion won package approved ahead of the election. Political and market observers expect the proposal to be submitted to parliament next month, with the funds largely targeting public support measures such as local business vouchers to revive domestic demand. Beyond the extra budget, Lee's broader economic strategy hinges on expansive fiscal spending, with 210 trillion won in government funds planned over his five-year term. His agenda includes expanded welfare, support for strategic sectors such as artificial intelligence and efforts to lift long-term growth. Lee aims to lift Korea's annual growth rate to 3 percent, up from the sub-1 percent pace forecast for this year. He also envisions transforming the country into the world's third-largest AI powerhouse and elevating it to the rank of the world's fifth-strongest nation during his presidency. Investor sentiment is also buoyed by Lee's push to strengthen capital markets. On Thursday, the ruling Democratic Party of Korea reintroduced a revised Commercial Act aimed at reinforcing minority shareholder rights — legislation previously shelved under the former administration and now central to Lee's pro-market agenda. The bill proposes sweeping governance reforms, including expanding directors' fiduciary duties to shareholders, renaming outside directors as independent directors, mandating cumulative voting, expanding separate elections for audit committee members, introducing virtual shareholder meetings, and tightening the 3 percent rule that limits major shareholders' voting rights in audit board appointments. To expedite implementation, all provisions will take immediate effect upon promulgation except for electronic voting, which will require system upgrades. The local market is moving to shed the 'Korea Discount' as the new administration accelerates policy implementation, said senior market analyst Lee Kyoung-min of Daishin Securities. 'The push for Commercial Act revisions is fueling a revaluation of underperforming stocks, while expectations for a large-scale supplementary budget are bolstering hopes for a recovery in Korea's deeply frozen economy,' he said, noting that robust foreign inflows are driving the rally. 'Stronger policy expectations are putting upward pressure on the won, creating conditions for a potential pickup in foreign capital inflows,' he added. The Korean won strengthened to an eight-month high against the greenback on Thursday, breaching the 1,350 won-per-dollar level for the first time since October 2024.
Korea Herald
12 hours ago
- Korea Herald
Trump's chip subsidy renegotiation casts uncertainty over Samsung, SK hynix
The Trump administration is renegotiating subsidies pledged under the previous Biden administration's CHIPS Act, sparking concerns that South Korean chipmakers Samsung Electronics and SK hynix might see cuts in funding for their US investments. US Commerce Secretary Howard Lutnick told the Senate Appropriations Committee that some of the subsidy agreements reached during the Biden administration 'just seemed overly generous, and we've been able to renegotiate them,' according to Reuters. 'All the deals are getting better, and the only deals that are not getting done are deals that should have never been done in the first place,' Lutnick was quoted as saying. His remarks suggest that not all grants pledged under the CHIPS Act will be paid out as originally committed, leaving chipmakers who were counting on the funding for their large-scale US projects in doubt. From the campaign trail, US President Donald Trump repeatedly called for the repeal of the subsidies, arguing that imposing tariffs, instead of grants, would be more effective to lure chipmakers to set up manufacturing facilities in the US. During an address to a joint session of the US Congress in March, Trump said the CHIPS Act is a 'horrible thing' and called for its removal. In 2022, then-US President Joe Biden signed the CHIPS and Science Act, allocating $39 billion in subsidies and grants for semiconductor companies setting up manufacturing and research facility in the US. Among the beneficiaries were chip heavyweights including Taiwan's TSMC, Korea's Samsung and SK hynix, as well as US-based Intel and Micron. Any delays or renegotiated terms for investment could deal a blow to Samsung and SK hynix, who had already pledged to invest tens of billions of dollars to build new advanced chip facilities. Depending on funding plans, they may be forced to reconsider their US investment strategies. Samsung is investing over $37 billion to build two new advanced fabrication plants and an R&D facility in Taylor, Texas. In return, the company has been awarded $4.74 billion in direct funding. SK hynix has secured $450 million in direct funding for a $3.87 million investment in building an advanced chip packaging plant and an R&D center in West Lafayette, Indiana. Regarding the future of their funding, a Samsung Electronics official said the company is monitoring the situation. An SK hynix official said there was nothing to comment on at this time.
Korea Herald
17 hours ago
- Korea Herald
Seoul shares open higher on chip, heavy machinery gains
South Korean stocks opened higher Thursday, boosted by gains in semiconductors, heavy industry, and blue-chip shares. This upbeat start came despite a mixed finish on Wall Street overnight. The benchmark Korea Composite Stock Price Index (KOSPI) rose 23.05 points, or 0.83 percent, to 2,793.89 in early trading. The market built on Wednesday's 2.66 percent surge, which followed the inauguration of President Lee Jae-myung. Lee's election came after the ousting of former conservative President Yoon Suk Yeol, who was removed in December following a failed attempt to declare martial law. Investor sentiment in Seoul was more positive than in the US, where markets responded cautiously to economic data. The Institute for Supply Management reported its Services Purchasing Managers' Index fell to 49.9 in May, slipping below the 50-point mark for the first time since June 2023, suggesting a contraction. The Dow Jones Industrial Average fell 0.22 percent. The S&P 500 rose 0.32 percent, and the Nasdaq edged up 0.01 percent. Leading South Korean stocks advanced. Samsung Electronics gained 0.61 percent, and chip rival SK hynix jumped 3.56 percent. Hanwha Aerospace rose 3.67 percent, HD Hyundai Heavy Industries added 1.4 percent, and POSCO Holdings climbed 3.26 percent. In contrast, bio and battery stocks declined. Samsung Biologics dipped 0.19 percent, and LG Energy Solution slipped 0.17 percent. The Korean won strengthened against the US dollar, trading at 1,360.90 won as of 9:15 a.m., up 8.6 won from the previous close. (Yonhap)
