Nam Hyun-woo has worked as a staff writer at The Korea Times since 2013, mostly covering business and politics. He currently belongs to the Business Desk where he covers topics such as emerging tech, AI, ICT and Korea's chaebol community. Prior to joining the team, he was the paper's correspondent for the presidential office of Korea during the Yoon Suk Yeol and Moon Jae-in administrations.
Samsung chairman's top aide steps down from control tower role
Samsung Electronics Vice Chairman Chung Hyun-ho attends a Samsung executive meeting in this 2015 file photo. Yonhap
By Nam Hyun-woo
Park Hark-kyu to lead Samsung's control tower
Chung Hyun-ho, vice chairman of Samsung Electronics and widely known as the right-hand man to Executive Chairman Lee Jae-yong, has stepped down from his post as head of the conglomerate’s management control tower to focus on assisting Lee in a secretarial role, the company said Friday.
His role has been taken over by President Park Hark-kyu, who had held senior management support roles across multiple divisions within Samsung Electronics.
Samsung Electronics announced its executive reshuffle affecting its Business Support Task Force, a behind-the-scenes organization that has served as the de facto decision-making body supporting the chairman.
Following the reshuffle, the task force, which has been upgraded into the Business Support Office, has become a permanent organization responsible for coordinating business between Samsung Electronics and its affiliates and supporting key decision-making processes.
The task force was widely viewed as the successor to the Future Strategy Office, which had previously served as the control tower of Samsung Group, but was disbanded in 2017 in the wake of Chairman Lee’s involvement in the corruption scandal of former President Park Geun-hye.
“Since the task force has remained as a temporary organization for a long time, the reshuffle is aimed at stabilizing the organization,” a Samsung Electronics official said, adding the new office is smaller than the Future Strategy Office and is “nothing to do with reestablishing a control tower.”
Park Hark-kyu, president of Samsung Electronics' Business Support Office / Yonhap
Park, the head of the new office, is known as an expert in financial affairs and business management, serving key management roles in Samsung Electronics’ display, mobile and other divisions. In 2020, he became the chief financial officer (CFO) for Samsung Electronics’ chipmaking Device Solutions (DS) division and served as the CFO for the Device Experience division of the company from 2022 to November last year, when he moved to the task force.
Chung is one of Samsung Electronics’ two vice chairmen along, with Jun Young-hyun of the DS division. Chung had been leading the task force since its establishment in 2017, cementing his position as Chairman Lee’s top strategic adviser.
During his tenure, Samsung Group established its current decentralized governance structure, but questions have been raised about his strategy since last year, as the DS Division lost its technological lead, which resulted in a slowdown in Samsung Electronics’ overall profitability. This triggered suspicions that Chung, a finance expert, may have missed key investment opportunities while exercising his financial approach.
The reshuffle comes as Samsung Electronics showed a strong rebound in the third quarter of this year, posting record-high quarterly sales of 86.1 trillion won ($59 billion). Chung’s new position is reportedly an honorary one, and he is said to have expressed his intention to step back to foster the next generation of leaders now that the company’s business has returned to a stable growth track.
Friday’s reshuffle is also seen as marking a new phase for Samsung Electronics, which had maintained a cautious stance over the past decade amid legal obstacles surrounding the consolidation of Lee’s leadership. In July, Korea’s Supreme Court acquitted Lee of charges related to a controversial merger between two Samsung affiliates, lifting his most significant legal burden.