Samsung Electronics announced the appointment of Jay Y. Lee to its board of directors. Lee is the son of Samsung Chairman Kun-Hee Lee, who was hospitalised two years ago following a heart attack. He is considered the likely successor as head of the Korean group and already serves as vice chairman.
Samsung Electronics said that “the time is now right to nominate Jay Y. Lee as a member of the Board to allow him to take a more active role in the company’s strategic decision-making”. He is expected to look out for the long-term interests of the group, including advice on strategic growth initiatives, M&A and the management team.
The company will hold an extraordinary shareholders meeting to confirm the nomination. Following Lee’s appointment, Sang-Hoon Lee, who will continue as CFO, plans to stand down from as board member in order to maintain the board’s current structure of four members of the management and five independent directors.