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Samsung Electronics has appointed Lee Jae-yong — who is thought within the West as Jay Y. Lee — as its government chairman, giving the grandson of the corporate’s founder formal management, the South Korean tech large introduced as we speak. The announcement got here on the identical day that Samsung introduced a collection of disappointing earnings outcomes, as income fell 23 % in comparison with the earlier quarter.

Based on Samsung’s official announcement justifying the appointment, “the Board cited the present unsure world enterprise setting and the urgent want for stronger accountability and enterprise stability in approving the advice.” Samsung is at present battling a droop in demand for a number of of its key companies together with reminiscence chips, cellphones, and TVs. It doesn’t count on demand to select again up till the second half of subsequent yr.

Lee’s ascension is unlikely to vary a lot for the corporate within the brief time period, Bloomberg notes, given he’s lengthy served as Samsung’s de-facto chief. However formally taking management means Lee can take larger strategic selections to steer the corporate by a turbulent financial interval, together with pushing by acquisitions, mergers, and funneling funding into rising applied sciences.

“Surely, we’re at a pivotal second”

54-year previous Lee succeeds his father, Lee Kun-hee, as head of South Korea’s largest firm following his dying in October 2020. Lee Kun-hee had been incapacitated for years after struggling a coronary heart assault in 2014. The youthful Lee had been embroiled in a corruption and bribery scandal since 2017, and been despatched to jail twice. Lee was given a presidential pardon in August this yr, paving the best way for him to take formal management of the electronics large. The pardon was paying homage to the 2 given to Lee’s father, who was convicted of corruption and tax evasion in 1996 and 2008.

“Surely, we’re at a pivotal second,” Lee mentioned in a press release reported by Bloomberg. “Now’s the time to plan our subsequent transfer. Now’s the time to behave, to be daring and unwavering in our focus.”

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