Lee Jae-yong officially inaugurated as chairman of Samsung Electronics

According to Yonhap News Agency on the 27th, Lee Jae-yong took office as the chairman of Samsung Electronics on the same day. The promotion was approved at a Samsung Electronics board meeting earlier in the day, sources said.

Lee Jae-yong was promoted to vice chairman in 2012. Before this promotion, Lee Jae-yong had actually become the head of Samsung Electronics. This time, without a separate inauguration ceremony, Lee Jae-yong was promoted to the chairman.

According to preliminary verification data disclosed by Samsung Electronics recently, operating profit in the third quarter of 2022 was 10.852 trillion won, a sharp drop of 31.39% year-on-year. Sales were KRW 76.7817 trillion, a year-on-year increase of 3.79%.

The board of directors of Samsung Electronics stated, "In the context of the deterioration of the global external environment, we believe that it is necessary to strengthen responsible management, improve management stability, and make bold decisions quickly." proposed and decided after discussion with the board of directors.

It is reported that in January 2021, Li Zaiyong was sentenced to two and a half years in prison in the second trial for bribery and was arrested in court. The court found that Lee Jae-yong paid 8.68 billion won in bribes to Park Geun-hye and his confidant Choi Soon in exchange for government support for him to succeed the Samsung Group. In August of that year, Lee Jae-yong was released from prison early on parole, but he was still restricted from practicing. On August 12 this year, the South Korean government announced the list of amnesty for the "Liberation Day", and Lee Jae-yong was granted amnesty and reinstatement, allowing him to resume business activities.