Recent off of parole, Samsung inheritor ascends to chairman of the corporate

Jay Y. Lee leaves court following the bribery scandal verdict in August 2017.

Enlarge / Jay Y. Lee leaves courtroom following the bribery scandal verdict in August 2017. (credit score: Seung-il Ryu/NurPhoto by way of Getty Photographs)

Samsung Electronics formally has a brand new govt chairman. The inheritor to the Samsung empire, Lee Jae-yong (aka Jay Y. Lee), ascended to the throne of the world’s largest chipmaker on Thursday. Samsung introduced the transfer alongside its Q3 2022 earnings report, which it most likely hopes will distract from the 23 % drop in income in comparison with the earlier quarter.

Lee has been the de-facto chief of Samsung for a number of years now, so his appointment is usually a formality. The previous Samsung chairman and Lee’s father, Lee Kun-hee, died in 2020, however earlier than that he was incapacitated for years following a 2014 coronary heart assault. Lee’s ascension to chairman has all the time been anticipated, but it surely has been delayed because of Lee’s quite a few authorized points.

In the event you ever desire a wild studying matter, search for “Choi-gate,” a South Korean political scandal involving bribes paid to Choi Quickly-sil, a “shamanistic cult member,” who had Rasputin-like affect over South Korea’s then-president, Park Geun-hye. Lee’s position within the scandal concerned bribing Choi to persuade President Park to approve a merger of two Samsung Group associates. Lee was initially sentenced to 5 years in jail, whereas Park was impeached and faraway from workplace. (Samsung’s ruling household is so stuffed with drama that NBC as soon as thought-about basing a TV drama collection on them. You’ll be able to see why!)

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