Samsung Names Jay Y. Lee as Executive Chairman

Jay Y. Lee, Samsung’s de facto leader, has been appointed the firm’s government chairman, the company’s board of directors introduced Wednesday. The go comes a tiny extra than two months after Lee was granted a presidential pardon for his job in a corruption scandal that rocked South Korea.

The appointment was granted owing to “the existing unsure worldwide business enterprise surroundings and the pressing require for much better accountability and enterprise steadiness,” the board claimed in a statement.

Samsung announced Lee’s appointment soon after publishing a 31% decline in 3rd-quarter income, its to start with calendar year-around-12 months quarterly decrease in virtually 3 several years.

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

Lee was granted parole and released from prison in August 2021, immediately after serving two and a fifty percent decades on a five-yr sentence on bribery, perjury and embezzlement costs. The pardon, granted in August 2022 by South Korean President Yoon Suk-yeol, was commonly seen as a largely symbolic move that would allow him to just take manage of the electronics large.

Lee experienced normally denied the allegations from him in court docket, but his convictions would have prevented him from currently being in a position to work for 5 many years and limited his abroad vacation underneath Korean legislation.

Samsung reps failed to right away react to a ask for for added remark.

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