Former Korean finance minister named Samsung's new board chairman

Park has already been serving the company since March 2016 as a non-executive director. He reportedly has a deep understanding of the company and its board. The 65-year-old executive's appointment is effective immediately, and it is being expected that his appointment will enhance the board's independence and management's transparency.

While Samsung's board chairman doesn't look over the company's day-to-day activities, they head the board meetings to review and approve major business decisions such as investment planning and more. Park served as South Korea's minister of labor from 2010 to 2011 and as a minister of finance from 2011 to 2013. He holds a bachelor's degree in economics from Seoul National University and a doctoral degree from Harvard University.

The South Korean firm will hold its annual shareholders meeting on March 18, where a decision will be taken to appoint two new board nominees—TV business head Han Jong-hee and CFO Yoon Ho Choi—as executive directors.