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Samsung Unable to Appoint New Outside Chief

Samsung Unable to Appoint New Outside Chief Samsung Unable to Appoint New Outside Chief

Tech giant Samsung Electronics Co Ltd said on Friday it will not be able to nominate a new outside director for a vote in the annual shareholder meeting set for March 24 due to uncertainty generated by “current circumstances” in South Korea. Samsung had said in November it plans to nominate at least one new board member with “global c-suite experience” for this year’s shareholder meeting as part of its efforts to improve corporate governance. The company said on Friday its search for nominees are continuing, Reuters reported. The news of the directorship comes as the vice chairman of the firm, Lee Jae-yong was arrested the same day after further probes by prosecutors on bribery allegations. Arrest of the Samsung family top official comes amid growing allegations that Samsung has been offering bribes over the past decade to top South Korean officials. 

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