Samsung fills void left by Chin’s ministry appointment

Choi Gee-sung, vice president of Digital Media Network Business at Samsung Electronics Co., will fill the vacancy left by Chin Dae-je, the former president of the division who is now minister of information and communications. Mr. Choi will maintain the title of vice president but will inherit the authorities and responsibilities of Mr. Chin, the company said yesterday. Separately, Mr. Chin has relinquished stock options awarded to him in March 2001 giving him the right to purchase 70,000 Samsung Electronics shares for 197,100 won ($164) each starting on March 9. “As a minister who makes the final decisions on policies that can affect Samsung Electronics, I decided to give up my stock options to enhance transparency in policies,” he said, submitting letters of renunciation to Samsung. Based on yesterday’s price, Mr. Chin would have made a profit of 5.5 billion won if he had exercised his options. Samsung Electronics shares fell 3.2 percent to close at 276,000 won. There was some debate as to whether Mr. Chin should exercise his options, as his Feb. 27 appointment was just 10 days shy of the due date. According to commercial law, a voluntary resignation enables the board of directors to cancel stock options. Debate centered on whether Mr. Chin’s resignation was voluntary. Mr. Chin was awarded another set of options in 2000 ― which matured on March 15, 2002 ― entitling him to buy 70,000 shares of Samsung at 272,700 won. He has not yet exercised those options. by Kim Hyo-jin