Samsung Electronics’ de facto leader Jay Y. Lee was named executive chairman on Thursday October 27.
Lee had held the position of the company’s de facto since 2014 after his father had a heart attack leading to a coma.
Senior lee died in 2020, which had younger Lee hold a two-year anniversary for his death where he promised to uphold and preserve his father’s legacy.
“During this period, we have had to confront many challenges, and at times, we have struggled to make breakthroughs,”
“Without a doubt, we are at a pivotal moment,” Now is the time to plan our next move,” Lee stated.
Lee Scion of one of South Korea’s most powerful families, was pardoned for crimes including embezzlement and bribery.
The country’s president in August pardoned Lee of the alleged wrongs, which ended a five-year ban on young Lee holding a formal position at Samsung.
The billionaire was twice sent to prison but had been out on parole since last year.
Samsung board approved the move to appoint Lee as the executive chairman, expressing the need for stronger accountability in the current uncertain global business environment.
Samsung shares ticked up nearly 1% in Seoul on Thursday following the announcements.
Samsung in May announced a drive meant to create about 80,000 jobs in the next five years, most of them in South Korea.
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