[THE INVESTOR] Lee Seo-hyun, president of Samsung C&T’s fashion division, is likely to step down from her post in an annual year-end reshuffle scheduled for this week, according to news reports on Dec. 12.
She is the second daughter of Samsung Group Chairman Lee Kun-hee, and Samsung Electronics Vice Chairman Lee Jae-yong’s sister.
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The Samsung C&T CEO is said to have notified the firm of her intention to resign and move on to focus on corporate social responsibility activities.
In a recent board meeting of Samsung Foundation, a CSR organization under Korea’s largest conglomerate, Lee was appointed as chairperson.
“The new chairperson is the right person to fulfill the purposes of the foundation to support local communities and those marginalized,” said the foundation.
The year-end reshuffle of Samsung C&T is expected to take place this week. It is not known whether the company has decided on her successor.
Samsung C&T has been carrying out a series of restructuring schemes for the past couple years, streamlining underperforming units under the fashion division.
The fashion division’s sales account for 6 percent of the firm’s entire revenue last year while its trade and construction divisions took up 42.9 percent and 40.9 percent, respectively.
The division posted an operating loss of 45.2 billion won(US$4 million) in 2016, but turned to black with a profit of 32.6 billion won last year. As of the third quarter this year, it recorded an operating loss of 12.5 billion won.
Lee, who graduated from Parsons School of Design in New York, joined Cheil International’s fashion division, which was later merged with Samsung C&T. She has led the fashion division since 2015.
By Kim Young-won ([email protected])