Samsung Nominates Jay Y. Lee To Board

(RTTNews) - Samsung Electronics Co., Ltd. (SMSN.L, SSNNF.OB, SSNLF.OB) said that its board has nominated Jay Y. Lee , the son of its longtime chairman, to its board of directors.

More than two years after the hospitalization of Chairman Kun-Hee Lee, the Board of Samsung Electronics believes that the time is now right to nominate Jay Y. Lee as a member of the Board to allow him to take a more active role in the Company's strategic decision-making.

Following Mr. Lee's appointment, Sang-Hoon Lee, who will continue as CFO, plans to stand down from his position on the Board in order to maintain the Board's current structure of four members of the management and five independent outside directors.

Samsung Electronics' Board of Directors approved the sale of its Printing Business Unit to HP Inc. and called an Extraordinary General Meeting of Shareholders in October to approve the spin-off of the business.

Earlier today, HP Inc. (HPQ) announced a definitive agreement to acquire Samsung Electronics Co., Ltd.'s (SMSN.L, SSNNF.OB, SSNLF.OB) printer business in a deal valued at $1.05 billion. HP Inc. expects the acquisition to be accretive in the first full year following closing, with cost synergies and a strong financial model. After closing, Samsung has agreed to make a $100 million to $300 million equity investment in HP through open market purchases.

Earlier this month, Samsung said that it stopped the sales of Galaxy Note 7 due to a battery cell issue. The company said it planned to replace the devices with faulty batteries with new one over the coming weeks. The phone-maker said it conducted a thorough investigation on the issue and there were 35 reported cases globally as on September 1.

Last week, the U.S. Federal Aviation Administration warned airline passengers not to switch on or charge their Samsung Galaxy Note 7 phones when on board the plane. It also advised against packing the phones into any checked-in luggage.