Samsung annual reshuffle postponed due to corruption investigation

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Last updated: December 6th, 2016 at 09:35 UTC+01:00

Samsung finds itself ensnared in a corruption scandal that may very well end up bringing down the presidency of Park Guen-hye in South Korea. The headquarters of Samsung Electronics have already been raided during the course of the investigation and the conglomerate’s heir apparent Lee Jae-yong has been questioned by prosecutors over Samsung’s alleged involvement. The conglomerate has now decided to postpone its annual December reshuffle of top executives to 2017 as it has its hands full with the scandal right now.

Samsung normally reshuffles its top executives in December every year and this is going to be the first time since 2008 that it’s postponing the exercise. The reshuffle was postponed in 2008 as Samsung Electronics Chairman Lee Kun-hee was investigated for creating slush funds. A report out of South Korea says that Samsung’s Future Strategy Office has informed affiliates that the annual reshuffle has been postponed until further notice.

The company hasn’t confirmed a new schedule for the reshuffle which is closely watched as new appointments to top positions often signals the direction Samsung is going to take in the future. The scribe’s sources suggest that this exercise may now be conducted in February next year.

Via Business Lee Jae-yongSamsung Electronics
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