Lee Jae-yong named executive chairman of Samsung Electronics

Industry

Published: 27 Oct. 2022, 09:19 Updated: 27 Oct. 2022, 15:08

Lee Jae-yong named executive chairman of Samsung Electronics

Lee Jae-yong speaks at a Samsung Electronics chip factory in Pyeongtaek, Gyeonggi on May 20 when U.S. President Joe Biden and President Yoon Suk-yeol visited the site. [NEWS1]

Lee Jae-yong was named executive chairman of Samsung Electronics by the board of directors, according to the electronics maker Wednesday.

The board said that the appointment would ensure stability at the company and improve decision-making processes.

Lee was recommended by independent director and board chairman Kim Han-jo, according to the company.

In Korea, chairman is a symbolic title distinct from chairman of the board, which is a board position requiring shareholder approval. Lee is not currently a director of the company.

Analysts believe that granting Lee the title could help the company in terms business relationships.

The 54-year-old Lee has been vice chairman since 2012. His father, who was chairman, passed away in 2020.

Lee Jae-yong was convicted of bribing former president Park Geun-hye in 2017 and was pardoned in August.

BY PARK EUN-JEE [park.eunjee@joongang.co.kr]