Jay Y Lee named as Executive Chairman of Samsung Electronic

Samsung Electronics Co. officially appointed Lee Jae-yong as its executive chairman, formalizing the all-encompassing leadership role he has long played at South Korea’s largest business. The 54-year-old, Lee has been vice chairman of Samsung Electronics, the crown jewel of South Korea’s biggest business conglomerate, since 2012. He takes over a position previously held by his father, Lee Kun-hee, who died two years ago after being incapacitated by a 2014 heart attack.

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Present business condition of Samsung Electronics:

The appointment comes as Samsung, the world’s biggest maker of memory chips and smartphones, faces mounting business headwinds amid a sharp downturn in worldwide tech demand, caused by soaring inflation, interest rates and a gloomy economic outlook. Samsung reported a 31% drop in third-quarter profit and said geopolitical uncertainties were likely to dampen demand until early 2023, as the global economic downturn slashed appetite for electronic devices.

About the Samsung Electronics Co:

• Samsung Electronics Co., Ltd. is a South Korean multinational electronics corporation headquartered in Yeongtong-gu, Suwon, South Korea. It is the pinnacle of the Samsung chaebol, accounting for 70% of the group’s revenue in 2012.
• Samsung Electronics has played a key role in the group’s corporate governance due to circular ownership. Samsung Electronics has assembly plants and sales networks in 74 countries and employs around 290,000 people. It is majority-owned by foreign investors.
• As of 2019, Samsung Electronics is the world’s second-largest technology company by revenue, and its market capitalization stood at US$520.65 billion, the 12th largest in the world. Samsung is a major manufacturer of electronic components such as lithium-ion batteries, semiconductors, image sensors, camera modules, and displays for clients such as Apple, Sony, HTC, and Nokia.

Important takeaways for all competitive exams:

• Samsung Founded: 13 January 1969;
• Samsung Founder: Lee Byung-chul;
• Samsung Headquarters: Suwon-si, South Korea.

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