Samsung names Jay Lee as Executive Chairman

27 Oct 2022 , 11:13 AM

Samsung Electronics Co. has named Jay Lee as executive chairman, completing a long-awaited promotion at a time when the largest chipmaker in the world is beset by a supply chain issue and rising geopolitical tensions.

The 54-year-old’s appointment to lead the $250 billion business was confirmed by the board on Thursday, according to a statement from Samsung. Lee was supposed to succeed his father when he passed away in 2020, but fraud investigations and two jail terms prevented that from happening.

The choice was made on the same day his business released weak financial results and warned there wouldn’t be a recovery in technology demand until the second half of 2023, highlighting the size of the issue Samsung faces.

The promotion solidifies Lee’s position as the most well-known corporate executive in the country and one of its top economic ambassadors. Although Lee was already the de facto leader, the change may not have much of an immediate impact. However, Lee’s efforts to drive Samsung further into semiconductors and biotechnology may be facilitated by a formal title.

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