South Korea’s Samsung names Jay Y Lee as govt chairman | Know-how


Tech big’s announcement confirms firm might be formally run by the third era of its founding household.

Samsung Electronics’s de facto chief Jay Y Lee has been named govt chairman, a symbolic transfer confirming that South Korea’s most useful firm might be formally run by the third era of its founding household.

The announcement on Thursday displays a job that Lee, 54, has held since his father, the late patriarch and Samsung Group chairman Lee Kun-hee, was hospitalised in 2014, analysts stated. The elder Lee died in 2020.

Lee has been the vice chairman of Samsung Electronics, the crown jewel of South Korea’s largest enterprise conglomerate, since 2012.

“The Board cited the present unsure world enterprise surroundings and the urgent want for stronger accountability and enterprise stability in approving the advice,” Samsung stated in a press release.

The appointment comes as Samsung, the world’s largest maker of reminiscence chips and smartphones, faces mounting enterprise headwinds amid a pointy downturn in worldwide tech demand, brought on by hovering inflation, rates of interest and a gloomy financial outlook.

Samsung reported a 31 p.c drop in third-quarter revenue on Thursday and stated geopolitical uncertainties had been more likely to dampen demand till early 2023, as the worldwide financial downturn slashed urge for food for digital gadgets.

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