Samsung has appointed Jay Y. Lee, its longtime de facto leader, as executive chairman.
The move was announced Thursday, making official who would continue to head up South Korea’s most valuable and well-known company. Lee had previously held the title of vice chairman.
Samsung’s board, which approved the change, “cited the current uncertain global business environment and the pressing need for stronger accountability and business stability,” the tech giant said in a statement.
It comes just months after Lee, the scion of one of South Korea’s most powerful families, was pardoned for crimes including embezzlement and bribery.
In August, Lee was personally excused by the country’s president for his alleged wrongdoing, with officials citing an economic crisis that required the attention of its top business leaders.
The pardon ended a five-year ban on Lee holding a formal position at Samsung. The billionaire was twice sent to prison but had been out on parole since last year.
Lee, also known widely as Lee Jae-yong, has been operating as Samsung’s de facto leader since 2014, when his father fell into coma after suffering a heart attack. The senior Lee died in 2020. Read More…