Former finance minister to head Samsung Electronics’ board

Former Finance Minister Park Jae-wan was appointed as the new board chair of Samsung Electronics, becoming the first outside director to head the tech giant’s board of directors, the company said Friday.

Park, 64, has been an outside director for the tech behemoth since March 2016. Park served as the minister of labor from 2010 to 2011 and minister of finance from 2011 to 2013, both times in the Lee Myung-bak administration. He holds a bachelor’s degree in economics from Seoul National University and a doctoral degree from Harvard University.

Samsung said the new chair is expected to lead the board’s strategic decision-making as “he has a high understanding of the firm’s board of directors and (is) rich in experience as an administrator.”

The company also decided to recommend Han Jong-hee, head of video display business, and Chief Financial Officer Choi Yun-ho as candidates for the company’s internal directors.

The two will be appointed as in-house directors after receiving approval from the shareholders meeting to be held on April 18.

By Shin Ji-hye (shinjh@heraldcorp.com)