Samsung Group said it promoted Samsung Electronics chief operating officer Lee Jay-yong to vice chairman of the group’s flagship in its yearly personnel reshuffle of group CEOs on Wednesday.
The promotion of Lee, the only son of Samsung Electronics chairman Lee Kun-hee, has widely been predicted in the market amid the ongoing power transition process in the nation’s largest conglomerate.
In a statement, the group said the 44-year-old nominee “has made great contributions to the sectors of smartphones, TV, semiconductors and displays in terms of securing the No. 1 position in the businesses in the global market.”
“As vice chairman, he will take on bigger roles in management of the overall businesses of the electronic behemoth,” it said.
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Lee Jay-yong |
Lee recently showed his leadership in September when Samsung Group officially announced that it signed a business strategic partnership with Hong Kong’s Li Ka Shing, chairman of Cheung Kong Holdings.
Cheung Kong Holdings is the flagship unit of Cheung Kong Group and Li is known to be Asia’s richest man, being ranked ninth among the world’s 100 richest men in 2011. He also owns Hutchison Whampoa.
The meeting, which took place at the Cheung Kong Group headquarters in the central district of Hong Kong, was presided over by Lee Kun-hee and Li.
But Lee’s heir apparent, Jay-yong, was said to have been the one who played a huge role in leading the two major Asian conglomerates to come together for better business.
After graduating from Seoul National University, Lee started his career at Samsung Electronics in 1991 as part of a carefully drafted plan to groom him as the future heir of Samsung Group, which accounts for nearly one-fifth of the nation’s gross domestic product. He completed an MBA at Keio University in Japan and attended Harvard Business School.
The promotion to vice chairman, a position that is held by six others at Samsung, comes amid views the conglomerate is accelerating efforts to transfer management control to the younger Lee from his 70-year-old father.
Lee Kun-hee, who fostered the world’s biggest technology firm by revenue, has been spearheading Samsung Group’s 82 affiliates and a combined workforce of 370,000 since he succeeded the top post from his father and founder Lee Byung-chull in 1987.
Aside from the promotion of Lee, Samsung Group promoted Samsung Life Insurance president Park Keun-hee to vice chairman of the financial arm. The group also appointed Kim Ki-nam to president and chief executive of Samsung Display. Choo Soo-in was named chief of the company’s medical equipment business. Park Dae-young was promoted to president and CEO of Samsung Heavy Industries.
By Kim Yon-se (
kys@heraldcorp.com)
