Samsung Electronics Ltd, a division of South Korea's largest conglomerate the Samsung Group, announced today third-generation Lee Jae Yong (pictured) has been promoted to executive vice president and chief operating officer in a management reorganisation.
The company also announced the promotion of Choi Gee Sung to the CEO role. In the statement released by the conglomerate this morning Choi said the new management structure was intended "to prepare for the challenges and opportunities ahead."
Lee's promotion is a long-anticipated step in the succession plan that may eventually see him lead the family-controlled conglomerate.
Lee Jae Yong, 41, is the son of the Samsung Group's former chairman Lee Kun Hee, who stepped down in 2008 after he was convicted of tax evasion. (Click here to read our coverage of the story) Lee Kun Hee was also convicted of breach of trust in August over a bond deal carried out in 1999 that was aimed at transferring ownership of the group to his son. (Click here to read our coverage of the story) Lee Jae Yong was cleared of any involvement in the scandal.
Samsung was founded in 1938 by Lee Jae Yong's grandfather and grown into the international company it is today by Lee Kun Hee, who joined the family business in 1987 and lead it for 20 years. Today, the Samsung Group has revenues of $90 billion, is the world's largest maker of memory chips and the world's second-largest mobile phone handset maker.
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