Samsung Electronics vice chairman Lee Jae-yong appointed chairman

According to the latest report, Samsung Electronics held a board of directors and announced that Vice Chairman Lee Jae-yong was promoted to chairman. Lee Jae-yong was promoted to vice chairman in 2012. Before this promotion, Lee Jae-yong had actually become the head of Samsung Electronics. This time, without a separate inauguration ceremony, Lee Jae-yong was promoted to chairman.

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The board of directors of Samsung Electronics stated, “In the context of the deterioration of the global external environment, we believe that it is necessary to strengthen responsible management, improve management stability, and make bold decisions quickly.” proposed and decided after discussion with the board of directors.

The preliminary verification data disclosed by Samsung Electronics on the same day showed that according to the consolidated financial statements, the operating profit in the third quarter of 2022 was 10.852 trillion won, a sharp drop of 31.39% year-on-year. The sales amounted to KRW 76.7817 trillion, a year-on-year increase of 3.79%.

At the same time, there were strong voices around Lee Jae-yong demanding that he be promoted to chairman. A former Samsung executive said: “Vice Chairman Li is now the chairman, not his right, but his responsibility and obligation. In such a situation, we need to show the will to overcome the crisis with a sense of responsibility.”

In January 2021, Lee Jae-yong was sentenced to two and a half years in prison in the second instance for bribery and was arrested in court. The court found that Lee Jae-yong paid 8.68 billion won in bribes to Park Geun-hye and his crony Cui Soon in exchange for government support for him to inherit the Samsung Group’s management rights.

In August of that year, Lee Jae-yong was released from prison early on parole but was still restricted from practicing. On August 12 this year, the South Korean government announced the list of amnesty for “Liberation Day”. Lee Jae-yong was granted amnesty and reinstatement rights and was able to resume business activities.

The position-level representatives of Korean companies are President, President, Director, Minister, Deputy Chief, Section Chief, and Agent. Chairman: The chairman of a Korean company generally refers to the top leader and decision-maker of an organization. However, due to differences in social culture, in Japan and Korea, the term chairman is used for company positions and represents the highest-ranking chairman.

(via)