* Samsung Elec board proposes Jay Y. Lee as inside director
* Lee widely considered Samsung Group head after father's
* HP says buying Samsung's printer business for $1.05 bln
(Adds comments from Samsung, analyst)
By Se Young Lee
SEOUL, Sept 12 Samsung Electronics Co Ltd
said on Monday its board of directors has nominated
Vice Chairman Jay Y. Lee as an inside director, signalling the
group's de facto head would officially cement his role as leader
of South Korea's biggest conglomerate.
Lee, 48, is already widely considered the undisputed leader
of the smartphones-to-construction conglomerate after his father
and Samsung Electronics Chairman Lee Kun-hee was hospitalised in
May 2014 after a heart attack. The younger Lee had not taken any
official board seats or executive roles at various Samsung
affiliates, however, maintaining a relatively low profile.
"This is a public declaration (from Jay Y. Lee) that he is
the owner of Samsung," said Park Ju-gun, head of corporate
analysis firm CEO Score.
Samsung, in a statement, said the board of directors
believed it could not further delay Jay Y. Lee's appointment and
official participation in the tech giant's management at a time
when the firm needs to restructure its business portfolio and
transform its corporate culture to ensure future growth.
It said the younger Lee demonstrated leadership abilities in
helping earnings recover, and that the appointment would allow
him to take a more active role in management, including
strategic initiatives such as mergers and acquisitions.
"By taking an official position as a member of the Board of
Directors, Mr. Lee is demonstrating his commitment to the future
of the Company and to delivering benefit to the Company and its
shareholders," Samsung said in the statement.
Separately, HP Inc said it will buy Samsung
Electronic's printing business for $1.05 billion. Samsung plans
to buy up to $300 million in HP shares after the sale is
completed, HP said.
Samsung confirmed the deal in a separate statement.
(Reporting by Se Young Lee; Editing by Christopher Cushing)