Samsung promotes group's de facto leader Lee Jae-yong to chairman

by IANS |

Seoul, Oct 27 (IANS) Samsung Electronics new Chairman Lee Jae-yong called on employees on Thursday to rise up to challenges and to focus more on technology development.

"Now is time for us to mount more bold challenges. Our survival depends on future technologies," he said in a message posted on the company's internal forum soon after he was promoted to chairman of the tech giant, the crown jewel of the group.

"We can turn this crisis into opportunity... I will stand at the forefront" of the campaign to make Samsung a greater company "beloved" by consumers around the world, Lee said.

His promotion was endorsed at a board meeting earlier in the day, the company said, considering "an urgent need for stable management and leadership amid the deteriorating global business environment," reports Yonhap news agency.

Lee started working at the tech firm in 1991 and was promoted to vice chairman in 2012.

His late father Lee Kun-hee served as Samsung Electronics chairman until he died two years ago and the position had since been vacant.

The promotion had been widely expected among industry watchers after he was given a presidential pardon in August for his conviction in a bribery case involving former President Park Geun-hye.

With the new title, Lee's leadership will be put to the test at a time when the tech giant has been trying to navigate mounting challenges from macroeconomic woes and slowing businesses.

Samsung Electronics earlier in the day reported a sharp decline in profits for the third quarter, as the semiconductor business has slowed significantly following the pandemic-fueled boom that boosted the chipmakers' top and bottom lines for the past few years.

A difficult road lies head for the tech giant in the coming months and well into the next year, amid growing economic uncertainties and fears of a recession.

Adding to the challenges, Lee's legal battle is yet to be over. He is currently standing trial over the 2015 merger of two Samsung affiliates and alleged accounting fraud at the pharmaceutical unit Samsung Biologics.

The merger and fraud are widely seen as key steps to strengthen his grip on the group.

Latest News
Amid murmurs of new CM face in MP, Chouhan's 'power show' on Wed, Dec 06, 2023, 05:05 PM
Agra to become 'bougainvillea capital' of India Wed, Dec 06, 2023, 04:36 PM
Adani stocks outperform Nifty over last seven days Wed, Dec 06, 2023, 04:30 PM
Japan's ruling LDP lawmakers questioned as kickback scandal rages Wed, Dec 06, 2023, 04:17 PM
Sr Adv Dushyant Dave pens open letter to CJI over listing of cases in SC Wed, Dec 06, 2023, 04:08 PM
BJP in power for 4 years in Karnataka, was not able to close potholes in B'luru: CM Siddaramaiah Wed, Dec 06, 2023, 04:07 PM
10 BJP MPs including 2 ministers resign after winning Assembly elections Wed, Dec 06, 2023, 03:21 PM
Fatty foods can dent body's ability to fight stress: Study Wed, Dec 06, 2023, 03:17 PM
UNICEF condemns sexual violence against women and children on Oct 7, with no mention of Hamas Wed, Dec 06, 2023, 03:15 PM
Blinken emphasises to Chinese FM to discuss preventing Israel-Hamas war from spreading Wed, Dec 06, 2023, 02:59 PM
Gautam Adani now 15th richest in the world Wed, Dec 06, 2023, 02:37 PM
Atishi issues ultimatum for timely completion of Anand Vihar flyover Wed, Dec 06, 2023, 02:29 PM
S.Korea urges N.Korea to cooperate in uncovering truth of S.Korean POWs Wed, Dec 06, 2023, 02:20 PM
I invite CM Pinarayi Vijayan to Raj Bhavan: Kerala Governor Wed, Dec 06, 2023, 02:11 PM
Not competing with Musk or Altman on AI but building real-life use cases: MoS IT Wed, Dec 06, 2023, 02:05 PM