The South Korean technology company, Samsung, will engage in share buybacks for the first time since 2017. The company plans to repurchase approximately $2.08 billion worth of shares.

Based in South Korea, Samsung decided to buy back shares after an 8-year hiatus. According to an announcement from Samsung, between February 19 and May 16, it will repurchase about $1.9 billion worth of common stock and $304 million (totaling around $2.08 billion) worth of other shares.

This decision marks the first time the company has engaged in share buybacks since 2017.

Furthermore, Samsung also decided to cancel the shares it had previously acquired worth $2.11 billion. Samsung had announced a commitment to repurchase shares totaling $10 billion in November 2023. CHANGES IN CHIP OPERATIONS In addition, the company made changes to its board of directors to enhance its competitiveness in the global semiconductor sector. As part of the decision, Jun Young-hyun was nominated as the head of the chip unit and Song Jai-hyuk as the Chief Technology Officer (CTO) to the board of directors. Additionally, Professor Lee Hyuk-jae from Seoul National University was nominated as an independent member of the board.