Samsung Electronics heir Lee Jae Yong promoted to chairman post

Samsung Electronics has finally appointed Lee Jae Yong as its new chairman after serving as its de facto leader since his father, Lee Kun Hee, died in 2020. He will now formally succeed his father and lead the company after being sidelined from participating in major business dealings of the company for a long time.

Lee was prohibited to take part in major business activities and transactions at Samsung as he was convicted of bribery and embezzlement - violations that put him in jail for months. He was pardoned in August and this gave him the freedom to work without any prohibitions at the company.

The 54-year-old billionaire and heir of the Samsung Group is now the company’s executive chairman and the announcement of his promotion on Thursday, Oct. 27, made his new role official. He has already started working on boosting Samsung’s businesses worldwide and will continue on this route to help the country’s economy while also aiming to become a leading name in various markets and trades on the global stage.

Samsung Electronic’s board approved the appointment of Lee Jae Yong and the group said they backed the decision as the company is currently facing an uncertain global business environment. The directors added that there is a “pressing need for stronger accountability and business stability,” thus suggesting that Lee’s promotion is the best way to go.

"The Board of Directors of Samsung Electronics today approved the appointment of Lee Jae Yong as executive chairman of the company,” The Korea Times quoted Samsung Electronics as saying in a statement. “The board accepted the selection that was recommended by Independent Director and Board Chairman Kim Han-jo."

Lee Jae Yong has now become the third chairman of Samsung Electronics which has been considered the top memory chipmaker in the world. He is succeeding his grandfather Lee Byung Chull, who founded the company, and his father Lee Kun Hee.

“During this period, we have had to confront many challenges, and at times, we have struggled to make breakthroughs,” Lee Jae Yong said as he takes on a new role. “Without a doubt, we are at a pivotal moment, and now is the time to plan our next move.”

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