Connect with us

Hi, what are you looking for?


Samsung patriarch to promote son in reshuffle

SEOUL, November 17, 2010 (AFP) – South Korea\’s richest man Lee Kun-Hee said Wednesday he would promote his only son to president of Samsung Electronics in a year-end reshuffle of personnel.

After arriving at Seoul\’s Gimpo Airport from attending the Asian Games in China, Lee answered "Yes" when asked by reporters if his son would take the post next month, Samsung officials said.

Lee Jae-Yong, 41, has been groomed as the third-generation successor since starting his career in 1991 at Samsung Electronics, the world\’s largest maker of computer memory chips and flat-screen televisions.

Last December Lee junior was promoted to executive vice president and also took the new post of chief operating officer.

Samsung Electronics also restructured itself to strengthen the independence of its various business divisions.

Samsung ("Three Stars"), which grew into the country\’s biggest business group, was launched in 1938 when Lee Byung-Chull, the son of a wealthy landowner, opened a trading company.

The group\’s flagship firm Samsung Electronics began operations in 1969.

The founder\’s son Lee Kun-Hee, 68, led Samsung for almost 20 years and was widely credited with turning it into a global brand.

He stepped down in April 2008 after being charged with tax evasion but returned as chairman of Samsung Electronics in March after receiving a presidential pardon.

Advertisement. Scroll to continue reading.

Samsung Electronics reported annual earnings of more than eight billion dollars last year, along with record sales.

It employs 164,600 people in 61 countries and is competing with Hewlett-Packard for the status of the world\’s biggest technology firm by revenue.

Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...