Former de facto boss Jay Y. Lee has been named executive chairman of Samsung.
On Thursday, it was made official who would continue to lead the most valuable and well-known corporation in South Korea. Vice Chairman Lee has previously held that position.
According to a statement from the tech giant, Samsung's board, which authorised the change, “citing the current unpredictable global economic environment and the pressing need for increased accountability and business stability.”
Samsung names Jay Y. Lee as chairman
It happens only a few months after Lee, a member of one of the wealthiest families in South Korea, was pardoned for offences like embezzlement and bribery.
The nation's president personally absolved Lee of his alleged malfeasance in August, with officials claiming an economic crisis that required the attention of its top corporate leaders.
A five-year restriction on Lee holding an official role at Samsung was lifted with the pardon. The businessman had served two prison terms but had been released on parole the previous year.
Lee, also referred to as Lee Jae-yong, has served as Samsung's de facto leader since his father's heart attack-related coma in 2014, when Lee took over. The elder Lee passed away in 2020.
The younger Lee promised in a staff meeting on Tuesday to “preserve his legacy” as he observed the second anniversary of his father's passing this week.
According to a summary of his remarks provided to CNN Business by Samsung, he stated, “During this era, we have had to confront various hurdles, and at times, we have battled to make breakthroughs.”
