Millionaire Scion: Former de facto boss Jay Y. Lee has been name executive chairman of Samsung.
On Thursday, it was make official who would continue to lead the most valuable and well-know corporation in South Korea. Vice Chairman Lee has previously held that position.
According to a statement from the tech giant, Samsung’s board, which authorized the change, “cited the current uncertain global business environment and the pressing need for stronger accountability and business stability.”
It happened only a few months after Lee, a member of one of the wealthiest families in South Korea, was pardone for offenses like embezzlement and bribery.
The nation’s president personally absolved Lee of any wrongdoing in August, with officials claiming an economic crisis that required the attention of the nation’s top businesspeople.
A five-year restriction on Lee holding an official role at Samsung was lifte with the pardon. The businessman had serve two prison terms but had been release on parole the previous year.
Lee, also referred to as Lee Jae-Yong, had served as Samsung’s de facto leader since his father’s heart attack-related coma in 2014, when Lee took over. The elder Lee passed away in 2020.
The younger Lee promised in a staff meeting on Tuesday to “preserve his legacy” as he observed the second anniversary of his father’s passing this week.
The vow is in line with Samsung’s ambitious plan, unveiled in May, and calls for the company to invest more than $350 billion (₱20.3 trillion) in its companies and add 80,000 new positions over five years.
Most employment is anticipated to be in South Korea. and the money will mainly support industries like chip manufacturing and biopharmaceuticals.
The band, however, also experienced record sales. Despite “a challenging business environment,” it said revenue had reached ₩76.8 trillion (₱310 billion) in the third quarter, and it still expected its full-year revenue to surpass that of 2021.
Following the disclosures, Samsung shares increased by almost 1% in Seoul on Thursday.