Samsung Electronics and SK hynix. Yonhap News
Two senior officials who handled financial and foreign-exchange policy at South Korea’s finance ministry have moved to Samsung Electronics and SK hynix in quick succession.
According to industry sources, Lee Hee-gon, a former director of the foreign-exchange system division and a Grade 3 official at the Ministry of Economy and Finance, has joined Samsung Electronics (005930.KS) as an executive vice president on its investor relations team. Jung Yeo-jin, a former director of the strategic economy division, has moved to SK hynix (000660.KS) as a vice president.
Lee has been working as an executive vice president on Samsung Electronics’ IR team since this month. As head of the ministry’s foreign-exchange system division, Lee oversaw foreign-exchange rules and dealings with overseas investors. After serving as head of the capital market policy division last year, Lee moved to the foreign-exchange system division early this year, having earlier led the budget management division and the population economy division. Lee received a special performance award from the ministry for persuading overseas investors and improving regulations during South Korea’s inclusion in the World Government Bond Index (WGBI) this year.
This is not the first time Samsung Electronics has recruited a former economic official into its IR organization. Kim Yi-tae, now president of Samsung Card, who handled international finance at the Ministry of Economy and Finance, moved to Samsung Electronics as an executive vice president in the IR group of its management support office in 2016. In 2023, the company recruited Lee Byung-won, a former deputy director-general at the finance ministry, as a vice president overseeing the IR team. The pattern is seen as reflecting how Samsung Electronics, which has a high proportion of foreign investors, consistently draws on former officials well-versed in macroeconomics, government policy and capital markets for its IR operations.
Jung also joined SK hynix (000660.KS) early this month as a vice president under the company’s communications unit. Although the position falls within the communications organization on paper, Jung is said to be taking on a role that supports strategy and execution for overseas business rather than media relations. The appointment is seen as an effort to draw on Jung’s experience in international finance and overseas policy as SK hynix rapidly expands its presence in the U.S. capital market and its business bases there.
Born in 1979, Jung graduated from Seoul National University with a degree in economics before serving at the finance ministry as head of the climate and environment budget division, secretary to the deputy prime minister for the economy, head of the foreign-exchange system division and head of the foreign-currency funds division. Jung worked as an economist at the International Monetary Fund (IMF) for about four years from 2016. After this year’s government reorganization, Jung headed the finance ministry’s strategic economy division and also handled policy related to strategic investment between South Korea and the U.S.
SK hynix significantly expanded its ties to the U.S. capital market last month, beginning trading of American depositary receipts (ADRs) on the Nasdaq on the 10th. Recently, the possibility of a Nasdaq listing for Solidigm, its U.S. NAND subsidiary, has also been raised. The company says it is reviewing various measures to strengthen Solidigm’s competitiveness but that nothing has been decided. As the importance of U.S. investment, fundraising and global policy responses grows simultaneously, semiconductor companies’ demand for the finance ministry’s international finance personnel is also rising, analysts said.