South Korean family-owned Samsung Electronics, the world's largest technology company by revenues, has promoted third-gen Lee Jae-yong to vice-chairman.
The grandson of company founder Lee Byung-chull and the only son of current chairman Lee Kun-hee, Jae-yong was already chief operating officer and president at the Suwon-based family business, which he joined in 1991.
The company – which is part of the Samsung Group, one of South Korea’s largest family conglomerates, or chaebols as they are known – said on 5 December that the appointment was part of a “leadership change” to promote future growth.
Jae-yong’s has made “invaluable contributions to the unprecedented growth of Samsung’s smartphone and television businesses”, the firm said in a statement.
The company, which is the world’s largest manufacturer of computer chips, LCD screens and televisions, recently took over from Apple as the world’s biggest smarthphone seller.
Last month, it announced record-breaking financial results for its third quarter, with revenues hitting 52.18 trillion won (€36.9 billion), up 26% on the same quarter in 2011.