Samsung's Electronics Affiliates Also to Regularly Report 'CEO Succession Candidates' to Boards
Adopted by Samsung Electro-Mechanics, Samsung SDI and others
Part of efforts to enhance governance transparency
Samsung will expand a system of regularly reporting CEO succession candidates to the board of directors to include its major affiliates.
Samsung Electronics' Seocho office building in Seocho-dong, Seocho-gu, Seoul. Reporter Yoon Dongju
View original imageAccording to business industry sources on October 25, Samsung Electro-Mechanics and Samsung SDI are expected to formally place a report on CEO succession candidates on the agenda of board meetings to be held this week ahead of their third-quarter earnings announcements.
Samsung Electronics and Samsung C&T have reported their pools of candidates for the next CEO to their boards once a year since 2022. The Samsung Electronics board also formally discussed the matter at its meeting on October 30 last year. Financial affiliates, including Samsung Life Insurance and Samsung Card, have likewise provided regular reports on matters such as the results of reviews of the adequacy of their CEO succession plans.
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With non-financial manufacturing and electronics affiliates, including Samsung Electro-Mechanics and Samsung SDI, now adopting this system, the group's executive succession process is expected to become more systematic. Business industry sources view the move as a measure to prevent potential management risks, ensure continuity in the group's mid- to long-term businesses, and establish governance practices that meet global standards.
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