Samsung still tight-lipped on Lee Jae-yong’s succession
A memorial service honouring late Samsung Electronics chairman Lee Kun-hee was held on Tuesday, without a major announcement by the electronics giant in regard to a succession plan for his son to ascend to the top leadership.
Speculation has been building recently that Samsung Electronics vice chairman Lee Jae-yong might be promoted to the chairman’s post, using the memorial service for momentum.
Lee has held the vice chairman position for the past decade. His eventual assumption of the chairman title is widely seen as an indication that the 54-year-old will have a full grip on the chips-to-electronics empire.
A pardon granted to Lee by the Yoon Suk-yeol administration in August has cleared hurdles for him to seek the leadership position. Previously, a conviction of bribery and embezzlement hindered him from formal employment by Samsung under Korean rules, although he walked free on parole in August 2020.
The third-generation chaebol scion left the Samsung Electronics boardroom in October 2019 and has yet to return.
The market has been watching closely for Samsung’s next move, as it is widely expected to make a major announcement in the final quarter when it holds a series of in-house services celebrating the firm’s founding on November 1 and another memorial service for its founder, who passed away 35 years ago. A Samsung board meeting is also scheduled for Thursday and the regular executive reshuffle of Samsung for December.
The Korea Herald
Asia News Network
