Lee Jae-yong was officially appointed as the executive chairman of Samsung Electronics effective today. He previously held the position of chairman of Samsung Electronics since 2014 after his father Lee Kun-hee fell ill. With his appointment today, Lee Jae-yong becomes the third generation of the Lee family to lead Samsung Electronics.
The announcement came on the same day Samsung posted a 31% drop in revenue last quarter. Just two months ago he received a pardon from the president of Korea because his expertise was needed when the country was facing an economic crisis. On August 13 last year, Lee was granted parole after serving only 18 months in prison despite being sentenced to five years in prison for being involved in a corruption scandal.
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BUSINESS & MONEY