Samsung Electronics names Roh new CFO, handing him charge of $68 billion cash pile

Big 5

Samsung Electronics Co Ltd has picked Roh Hee-chan as its new Chief Financial Officer (CFO), putting the executive in charge of one of Asia’s biggest corporate cash piles.

The appointment, which Samsung announced on Thursday, came after former CFO Lee Sang-hoon stepped down from the role two days ago after being nominated Samsung’s next chairman of the board.

Roh was previously the CFO of Samsung Display, a unit of Samsung Electronics.

He will oversee some 76 trillion won ($68.31 billion) in Samsung Electronics’ holdings of cash and cash equivalent as of the end of September, which rose 8 percent from the June quarter.

Roh’s appointment was part of several senior executive promotions announced on Thursday. The appointments included a new head of Samsung’s China business, Hwang Deuk-kyu, but most kept their current roles in addition to being promoted to President.

Samsung Electronics named a new generation of top managers this week, replacing the leaders of its three main businesses, and promised to reward shareholders with $26 billion in payouts to 2020.

The shake-up was designed to ease investors’ concerns about a leadership vacuum following the arrest and conviction of Vice Chairman Jay Y. Lee on bribery charges earlier this year.

Samsung Electronics’ shares have risen around 6 percent in three days since the shake-up was unveiled to a record high of 2.876 million won per share during trading on Thursday. Source: Reuters