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Samsung’s Lee Jae-yong may not join the board of directors this year

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Last updated: February 15th, 2023 at 16:42 UTC+01:00

Samsung's Executive Chairman board membership was not among the topics of discussion during the company's recent board of director meeting, held Tuesday. Lee Jae-yong joined the board of directors in 2016 but left in October 2019 when he was facing bribery charges connected to former President of Korea Park Geun-hye.

Samsung's board of directors held a meeting this week to set a date for this year's general gathering. According to a company statement (via The Investor), the board of directors will discuss three topics during the upcoming meeting.

The three topics concern the company's financial statement, setting a limit for the remuneration of executives, and the appointment of Vice Chairman Han Jong-hee as an internal executive. However, Lee Jae-yong rejoining the board of directors was not on the agenda. Despite recent speculations that Lee could soon rejoin the board of directors as a symbol of him taking more management responsibilities, these recent reports indicate that the executive chairman might not become a board member again this year.

The de facto leader was also omitted from a meeting late last year where CEOs from different Samsung Group branches discussed the economic downturn, falling semiconductor prices, and the best course of action moving into 2023.

In recent months, Lee Jae-yong went on numerous business trips to meet with high-ranking officials and executives and strengthen Samsung's ties overseas. His most recent 10-day business trip included visits to Malaysia, Singapore, and Vietnam, with the goal of pinpointing the next sustainable growth driver for Samsung “in the decades to come.”

Last year, Lee also met with BMW chiefs at the BMW Driving Center in Yeongjong Island to discuss cooperation for EV batteries. The de facto leader also went on his first business trip to UAE as a chairman, where he attended a private forum hosted by UAE President Sheikh Mohammed bin Zayed Al Nahyan.

General Lee Jae-yongSamsung Electronics
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