Samsung Names Jay Y. Lee as Executive Chairman

Jay Y. Lee, Samsung’s de facto chief, has been appointed the company’s executive chairman, the company’s board of administrators declared Wednesday. The shift comes a little a lot more than two months soon after Lee was granted a presidential pardon for his purpose in a corruption scandal that rocked South Korea.

The appointment was granted due to “the latest uncertain global business enterprise setting and the urgent have to have for much better accountability and small business stability,” the board said in a statement.

Samsung declared Lee’s appointment right after publishing a 31% drop in 3rd-quarter income, its very first yr-over-yr quarterly decrease in virtually three decades.

Lee was Samsung’s vice chairman and had acted as the firm’s de facto head since his father, Lee Kun-Hee, suffered a heart assault in 2014. He confronted up to 12 several years in prison after staying billed with bribery in 2017. The situation was part of a corruption scandal that led to the impeachment of former South Korean President Park Geun-hye. 

Lee was granted parole and unveiled from jail in August 2021, right after serving two and a 50 % yrs on a 5-year sentence on bribery, perjury and embezzlement prices. The pardon, granted in August 2022 by South Korean President Yoon Suk-yeol, was extensively found as a mostly symbolic move that would let him to just take regulate of the electronics giant.

Lee had usually denied the allegations towards him in court docket, but his convictions would have prevented him from becoming capable to get the job done for 5 yrs and limited his overseas journey less than Korean regulation.

Samsung reps failed to immediately reply to a ask for for extra remark.

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