South Korean electronics giant Samsung has promoted the heir to its eponymous corporate empire, Lee Jay Yong, to CEO. The Board of Directors has approved the appointment of 54-year-old Lee, Samsung Electronics announced. The leading manufacturer of memory chips and smartphones is the flagship of South Korea’s largest conglomerate.
The current uncertain business environment and “the urgent need for greater accountability and business stability” have prompted Samsung to take the step, it said. Lee’s appointment is largely symbolic, as the previous vice chairman of Samsung Electronics has been considered the de facto boss of the group for years.
Lee is the grandson of Samsung founder Lee Byung Chull and the son of former CEO Lee Kun Hee. He died two years ago after a heart attack in 2014.
Involved in corruption scandal
Lee Jay Yong has had several run-ins with the law in recent years. He was involved in a serious corruption case involving former President Park Geun Hye, who was removed from the top state office in March 2017. In early 2021, Lee was again sentenced to prison for corruption. He was released on parole seven months later, before receiving a special pardon from President Yoon Suk Yeol two months ago.
Thanks to the grace, he can again carry out his business activities more freely, which was previously not possible due to various circumstances. However, another case is currently pending against him. He therefore has to answer for the accusation of manipulation of the stock prices in court. He denies the allegations.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
