Electronics giant Samsung has named Lee Jae-yong as its executive director. The son of the previous boss was convicted twice for bribing a president but, in practice, had been the group’s boss for years.
It is, therefore, mainly a symbolic appointment. Samsung has been run for three generations by the Lee family, who founded the company.
Jae-yong has been the appointed successor to Chairman Lee Kun-hee since 2014. He took over from his father when he was hospitalized. Kun-hee passed away in 2020.
Lee Jae-yong (aka Jay Y Lee) was convicted of bribery in 2017 and also spent time in prison. However, in August of this year, he was pardoned by the president “to save the economy.” With the current appointment, Lee’s role is now also official.