Samsung Electronics will present a plan to transit itself into a holding company around in May, if early, in spite of the detention and trial of vice chairman Lee Jae-yong. Samsung announced on November 29 last year that it was reviewing how to optimize the structure of the company, including possible switch to a holding company structure, adding the review would take six months at minimum. Accordingly, Samsung Electronics would unveil results of the review at the end of May if early. The November announcement by the South Korea's electronics giant came after U.S. hedge fund Elliott Management urged the company to split itself into a holding company and an operating company to boost shareholder returns. Along with the transition plan, a large amount of the personnel realignment of top executives and reorganization is expected to be completed, which has been put off so far.
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Samsung to push structural split despite political scandal
So, we are considering something like a conference call."In November, the Korean tech giant, feeling pressure from shareholders, said in a conference call it would consider splitting in two, leaving a holding company and an operating company, and would spend six months on the review.By Shin Ji-hye (shinjh@heraldcorp.com) Samsung Electronics' chief financial officer said the company plans to announce the company's plan to split itself as scheduled."Regardless of the group issue (political scandal and the company heir's arrest), we plan to review and announce the split plan as scheduled because that is what we promised to our shareholders," Lee Sang-hoon, Samsung Electronics CFO, told reporters following a business conference held at the Korea Chamber of Commerce ＆ Industry on Tuesday.As to how to convene the company's shareholders, he said, "It is realistically hard to hold a shareholders meeting by gathering all the shareholders around the world.
Samsung continues holding company review despite heir's detention
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