Samsung in 'recruiting frenzy' for ex-finance ministry officials

From left, Shin Je-yoon, Lee Ho-seung and Ahn Do-geol are former finance ministry officials hired by Samsung Group after their bureaucratic careers. Yonhap

Samsung Group has hired a string of former finance ministry officials for key posts as the country’s top business group increasingly seeks to capitalize on bureaucrats’ expertise in risk management over heightened economic uncertainties, industry officials said Tuesday.

These former bureaucrats include Shin Je-yoon, Lee Ho-seung and Yoo Il-ho, who ended their respective bureaucratic careers at the top of the ladder before joining Samsung Electronics and other major affiliates of the conglomerate.

Shin Je-yoon, a former finance first vice minister from 2011 to 2013, serves as an outside director of Samsung Electronics’ board and is also touted as the board’s next chairman.

The electronics giant is anticipated to finalize its decision concerning Shin during its board meeting in March.

If realized, Shin will be the first finance ministry official to lead the board after Park Jae-wan, a former finance minister who chaired the board from 2020 to 2022.

“Shin was known for his distinguished career in both macro- and microeconomic sectors, and Samsung Electronics appears to capitalize on his acumen to make a business breakthrough,” an official at a major business lobby group said on condition of anonymity.

The official pointed out Shin was also the former chairman of the Financial Services Commission, the country’s top financial regulatory body, from 2013 to 2015.

Lee Ho-seung, former finance first vice minister from 2018 to 2019, is on the list of new outside directors at Samsung Biologics.

Lee also served as head of economic policy at the presidential office before leaving the bureaucratic circle.

The biotech company will also finalize its decision when it holds its annual shareholders’ meeting in March.

The company previously had Ahn Do-geol, a former finance second vice minister from 2021 to 2022, on the board. Ahn voluntarily left Samsung Biologics when he ran for the 2024 parliamentary election. He was elected lawmaker under the main opposition Democratic Party of Korea.

The country’s largest life insurer, Samsung Life Insurance, hired Yoo Il-ho, former deputy prime minister and minister of economy and finance from 2016 to 2017, as its board chairman.

An expert in economic policy and policy coordination, Lee Byung-won also leads Samsung Eletronics’ investor relations team.

The business lobby official said Samsung will continue to recruit former finance ministry officials.

“These officials are known for undergoing rigorous entrance exams and fierce internal competition throughout their careers,” he said. “Samsung possibly has more to benefit by hiring them in return for high salaries.”