Lee Jae-yong, the heir to Samsung, center, has been appointed executive chairman, the highest position in Samsung. Image: Samsung
Samsung said on Thursday that its board of directors approved the appointment of Jay Y Lee, the de facto head of the Samsung business group, as executive chairman of Samsung Electronics.
According to Samsung, the board cited the current uncertain global business environment and the “urgent need for greater accountability and business stability” in approving the chairman’s proposal. Kim Han-jo’s board to appoint Lee as executive chairman.
Samsung also said there will be no ceremony or inauguration speech to mark the appointment. This is a denial of some media reports that there will be an inauguration ceremony on November 1, which Samsung considers the founding date of Samsung Electronics, its flagship company.
The appointment of 54-year-old Lee as executive chairman comes 10 years after he was appointed vice president of Samsung Electronics in December 2012, indicating that he will inherit the top position from My father is Lee Kun-hee. The official position of the eldest brother Lee was also the Chairman of Samsung Electronics.
Young Lee has been an effective leader of Samsung since 2014 when his father suffered a heart attack and lost his ability to work. Elder Lee remains in hospital until 2020 when he died at the age of 78.
Jay Y Lee, also Lee Jae-yong, is the grandson of Samsung founder Lee Byung-chull, father of Lee Kun-hee. Second-generation chairman Lee Kun-hee is largely credited for transforming Samsung from a small contract electronics maker. to the global technology powerhouse it is today.
Earlier this week, on Tuesday, Samsung celebrated the passing of its chairman Lee Kun-hee, where young Lee hosted hundreds of current and former Samsung executives.
At the memorial service, executive chairman Lee told the audience he was “filled with a profound sense of responsibility to preserve our legacy and build it for our future,” according to Samsung.
Lee also said that he met with young team members and listened to their wishes about how the working culture at Samsung would develop.
“I agree. We need to be more flexible to reach their full potential. We need to welcome new ideas to spark passion and creativity. Yes, we won’t stop. , but can also adapt.We will respect the Executive Chairman said.
Meanwhile, Lee is still on trial on charges of market manipulation related to the merger of two Samsung affiliates. In August, he received a presidential pardon for bribery got him jailed and then released last year.
