Samsung Electronics names Roh new CFO, handing him charge of $68 billion cash pile

Seoul: Samsung Electronics Co Ltd has picked Roh Hee-chan as its new Chief Financial Officer (CFO), putting the executive in charge of one of Asia`s biggest corporate cash piles.

The appointment, which Samsung announced on Thursday, came after former CFO Lee Sang-hoon stepped down from the role two days ago after being nominated Samsung`s next chairman of the board. 

Roh was previously the CFO of Samsung Display, a unit of Samsung Electronics. 

He will oversee some 76 trillion won ($68.31 billion) in Samsung Electronics` holdings of cash and cash equivalent as of the end of September, which rose 8 percent from the June quarter. 

Roh`s appointment was part of several senior executive promotions announced on Thursday. The appointments included a new head of Samsung`s China business, Hwang Deuk-kyu, but most kept their current roles in addition to being promoted to President. 

Samsung Electronics named a new generation of top managers this week, replacing the leaders of its three main businesses, and promised to reward shareholders with $26 billion in payouts to 2020. 

The shake-up was designed to ease investors` concerns about a leadership vacuum following the arrest and conviction of Vice Chairman Jay Y. Lee on bribery charges earlier this year.

Samsung Electronics` shares have risen around 6 percent in three days since the shake-up was unveiled to a record high of 2.876 million won per share during trading on Thursday.