Lee Jay-yong, vice chairman of South Korea's top tech giant Samsung Electronics Co., was appointed Friday to head two of Samsung Group's foundations, the company said, taking the posts from his hospitalized father.
Under the move, the younger Lee, the heir apparent of South Korea's top family-controlled conglomerate, will take the helm of the Samsung Life Public Welfare Foundation and the Samsung Foundation of Culture, the group's key foundations.
He has been working as the de facto head of the top family-controlled conglomerate in South Korea since his father, Kun-hee, was hospitalized last year after suffering a heart attack.
Samsung said the decision came as Jay-yong "well understands the intent of the foundations, and is capable of succeeding Samsung's management philosophy and its willingness to contribute to the society."
While Kun-hee's term for the Samsung Foundation of Culture was supposed to end on Aug. 27, 2016, the group said the move was needed for the "smooth management" of the organizations, implying the vacancy of the business tycoon.
The elder Lee's term for the welfare foundation ends on May 30.
The Samsung Life Public Welfare Foundation was established in 1982, and rolls out various projects for the low-income bracket, and operates the Samsung Medical Center.
The Samsung Foundation of Culture was built in 1965, and is involved in various art-related projects. It also has the Samsung Museum of Art, or Leeum, under its wing, which is headed by Kun-hee's wife, Hong Ra-hee. (Yonhap)
