South Korean tech company Samsung has decided to conduct share buybacks for the first time since 2017. The company will repurchase approximately $8 billion worth of shares.

Based in South Korea, Samsung has committed to a share buyback plan for a duration of 8 years. According to a statement from Samsung, from February 19 to May 16, the company will repurchase common shares worth 2.7 trillion won and other shares worth 304 billion won (totaling around $8 billion).

This decision signifies Samsung’s first share buyback initiative since 2017.

Additionally, the company has decided to cancel shares worth 3.05 trillion won ($2.11 billion) that were previously acquired. Samsung had previously announced a commitment to repurchase shares worth a total of 10 trillion won by November 2023.

CHANGES IN CHIP OPERATIONS
Furthermore, in a bid to enhance its competitive edge in the global semiconductor industry, the company has made changes to its board of directors. As part of the decision, chip division president Jun Young-hyun and Chief Technology Officer (CTO) Song Jai-hyuk have been nominated to the board of directors. Additionally, Professor Lee Hyuk-jae from Seoul National University has been nominated as an independent board member.