Samsung promotes chairman’s daughter to key position

“Samsung Group, South Korea’s biggest conglomerate whose flagship unit includes Samsung Electronics Co., unveiled its annual promotions on Monday most of which were relatively low-key,” Min-Jeong Lee reports for The Wall Street Journal. “Except for one: the promotion of Chairman Lee Kun-hee’s daughter to a key role.”

“The group said it will promote Lee Seo-hyun, one of Mr. Lee’s two daughters, as president of a division at Samsung Everland Inc., which is controlled by the Lee family and serves as a de facto holding company for the group,” Lee reports. “Samsung Everland also operates an amusement park and has long been used as a key investment vehicle in maintaining the family’s ownership over the roughly 80 Samsung affiliates.”

“The move is being interpreted as one of the many incremental steps Samsung has to take for a transition of power from Chairman Lee to his three children — son Jay Y. and daughters Boo-jin and Seo-hyun,” Lee reports. “Around the same time last year, Jay Lee was promoted to vice chairman of Samsung Electronics, which was also interpreted as taking him closer to eventually heading the world’s biggest smartphone maker.”

Read more in the full article here.

MacDailyNews Take: When Lee Kun-hee dies, they won’t need to dig a hole. He’s so crooked, they’ll just screw him into the ground.

[Thanks to MacDailyNews Readers “Ron” and “Dooley Knotet” for the heads up.]

27 Comments

    1. Who are we to judge another culture? It’s a cultural thing there. Who you know and who you are related to is important. Just because it doesn’t fit the American value system of being worth millions of dollars just because you happen to be the CEO of a successful company, doesn’t mean it’s not valid.

      If it’s anything like Japan (which who you know is also important) executives don’t earn 1000x more than you average line worker, but rather, compensation is doled out rather linearly… meaning the top brass is earning more, but not obscenely more. Wealth is distributed among ALL cogs in a company in recognition of their contribution.

      Also, focus is done on groups of people doing work, as opposed to the loudest cowboy.

  1. Samsung is called a Conglomerate (Chaebol) for a reason.
    Also Cronyism runs very very deep and wide in Korea. It shows in the performance of government and business entities throughout Korea. Even Koreas current president only got her position because she is the daughter of Koreas first president/dictator Park Cheong-hui. This move by Samsung is no surprise its just business as usual.

    1. This is so common that it’s simply expected. I worked at a So Cal electronics house, and the CEO hired his Korean wife’s nephew to be an engineer. He did OK as an engineer, but would always say things like “he could hire all Korean if he wanted to.” We tried to explain why he couldn’t but he just didn’t believe it.

      1. You example is not the first time have heard of that. I have had Korean friends who worked in the US while they studies their and told me their Korean bosses would do the same thing. They would hire a Korean over anyone else whenever they got a chance.

        There is the right and wrong way to do something. Then there is the Korean way of doing things. Doesn’t matter if it is right or wrong, legal or illegal. Its the Korean way and thats how things are going to be done. No “foreigner” is going to tell them other wise.

        “You can never understand because you are not Korean.” I have been told that so many times living and working here.

  2. She deserves it since she graduated top class at Samsung University in Seoul where her professors were her uncles. So smart she was able to receive the top student honor even while studying from abroad in Vegas

    1. She needs to carefully study and memorize Ballmer’s management strategy. Her first assignment is to say “developers, developers, developers” as fast and as often as possible.

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