Grandson of Samsung’s founder takes management of empire as earnings fall

Jay Y. Lee giving a speech.
Jay Y. Lee talking in Might this yr. | Picture by Kim Min-Hee – Pool/Getty Photos

Samsung Electronics has appointed Lee Jae-yong — who is understood within the West as Jay Y. Lee — as its govt chairman, giving the grandson of the corporate’s founder formal management, the South Korean tech large introduced right this moment. The announcement got here on the identical day that Samsung introduced a sequence of disappointing earnings outcomes, as earnings fell 23 % in comparison with the earlier quarter.

Based on Samsung’s official announcement justifying the appointment, “the Board cited the present unsure world enterprise surroundings and the urgent want for stronger accountability and enterprise stability in approving the advice.” Samsung is at present battling a stoop in demand for a number of of its key companies together with reminiscence chips,…

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