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 👀 Today’s Email about:

• Samsung appoints younger executives to drive generational change.

• Chinese nationals account for 56% of homes owned by foreigners in South Korea.

• The police have closed their investigation into the alleged sexual misconduct of a former F.T. Island member without filing any charges.

NEWS 📰

Samsung appoints younger executives to drive generational change.

Samsung Electronics announced its year-end executive reshuffle on Friday, highlighting a generational shift aimed at expanding its future leadership pool amid ongoing management challenges. The company emphasized promoting younger executives to bring fresh energy and drive growth while addressing uncertainties in its business environment.

Under its merit-based evaluation system, Samsung promoted 137 officials to executive positions, marking a 4.2% decline from 2023 and continuing a four-year downward trend. In 2021, 214 officials were promoted, but the numbers have steadily decreased, with this year’s reduction attributed to declining revenues in the semiconductor sector, a key profit driver.

Among the newly promoted, Ha Ji-hoon, a 39-year-old software engineer in the device experience division, became the youngest vice president. Eight executive vice presidents in their 40s were also appointed. The reshuffle strategically focused on officials excelling in areas like artificial intelligence (AI), sixth-generation networks, and next-generation chip technologies to navigate an uncertain management landscape.

The reshuffle also included 35 vice presidents promoted to executive vice presidents. Notable promotions included Park Jeong-ho, recognized for his leadership in software development and AI-powered network projects, and Kim Sang-ha, who played a crucial role in developing Samsung's Galaxy S24, the world’s first AI-powered smartphone. The Galaxy S24 secured a spot among the top 10 best-selling smartphones globally for three consecutive quarters, a feat last achieved in 2018, according to Counterpoint Research.

Samsung further prioritized diversity by appointing women and foreign executives without regard to gender or nationality. Sitthichoke Nopchinabutr was named vice president overseeing sales in Thailand and Southeast Asia. Meanwhile, former Executive Vice President Yoon Jang-hyun was appointed CEO of Samsung Venture Investment. Yoon, who joined Samsung in 2003, has played pivotal roles in its mobile and software divisions.

A Samsung official stated, “This latest reshuffle is expected to ensure the sustainable growth of our core businesses and strengthen next-generation growth engines.”

Chinese nationals account for 56% of homes owned by foreigners in South Korea.

Chinese nationals owned 56% of all housing units held by foreigners in South Korea, according to data released on Friday. As of June’s end, Chinese nationals owned 52,798 of the 95,058 housing units registered under foreign ownership in the country. This represents a 4.9% increase from six months prior.

Following Chinese nationals, Americans owned 21,360 units, accounting for 22.5% of the total. Canadians, Taiwanese, and Australians owned 6.5%, 3.5%, and 2% of the units, respectively.

Most of the foreign-owned homes were concentrated in the Seoul metropolitan area. The highest concentration was in Gyeonggi Province, with 38.7% of the total, followed by Seoul at 24.3% and Incheon at 9.9%.

ENTERTAINMENT 🌄

The police have closed their investigation into the alleged sexual misconduct of a former F.T. Island member without filing any charges.

Police announced on Friday that they have closed the investigation into sexual misconduct allegations against Choi Min-hwan, a former drummer of the K-pop boy band F.T. Island, due to insufficient evidence and will not file charges.

The allegations, which surfaced last month, involved accusations that Choi had engaged in prostitution and sexually harassed his ex-wife, Yulhee, a former member of the girl group Laboum. Yulhee made the claims in a YouTube video, stating that Choi frequented adult entertainment venues and made inappropriate sexual advances toward her during their marriage.

Following the controversy, Choi suspended his public activities.

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