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| A Samsung flag is seen at the company's building in southern Seoul / Korea Times file |
Lee Jae-yong expected to visit US in coming weeks to close foundry investment deal
By Kim Bo-eun
Samsung Electronics is set to unveil a new personnel system intended to make the company more flexible and less hierarchical.
In an internal notice posted this week about the planned change, Samsung implied there would be changes to the employee evaluation and promotion system, while it did not specify the details.
The company is set to introduce the system once a draft is finalized, after reflecting the views of Samsung's unions and employees in managerial positions.
"The specifics will be unveiled when the system is finalized," a Samsung official said, Friday. "The changes would be made to make improvements to the organization."
Five years ago, Samsung removed conventional titles of employees to foster a more horizontal atmosphere at the conservative organization. The company said the most recent changes were made with input from outside experts and references to local and global firms.
This appears to be part of Vice Chairman Lee Jae-yong's plan to "create a new Samsung," which the heir stated marking the first anniversary of the death of his father, late Samsung Chairman Lee Kun-hee, on Oct. 25.
The new system is expected to be introduced ahead of the company's regular shuffle of major affiliates' CEOs and executives expected early next month.
Samsung is also preparing for an organizational overhaul of the group. The company has requested Boston Consulting Group for advisory services. The global firm is expected to provide a report by the end of this year.
Korea's largest company is preparing to undergo changes, as the vice chairman stated last year that he would not have his own children succeed his leadership.
Samsung is also considering reviving a group-wide control tower that was abolished years earlier, due to the conglomerate's involvement in providing bribes to impeached former President Park Geun-hye, for which Lee received a prison sentence.
Aside from these major pending changes, Lee is also expected to visit the U.S. soon to close a deal on investing $17 billion to build a second foundry plant there.
The chipmaker is widely expected to finalize Taylor, Texas, as the location of its second foundry plant. The Samsung chief is also expected to meet with U.S. government officials to discuss the submission of key information on its business operation, which was requested earlier of global chip companies active there.
This will be Lee's first overseas business trip since his release on parole in August, and is expected to signal the Samsung heir's return to management.
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