Samsung Electronics Vice Chairman Lee Jae-yong was inaugurated as chairman. This is the first promotion in 10 years since he became vice president in 2012. The 'New Samsung' strategy is expected to accelerate with the inauguration of the chairman.

Samsung Electronics held a board meeting on the 27th and announced that it had decided to promote Lee Jae-yong, vice chairman of Samsung Electronics, as chairman. The Board of Directors determined that, amid deteriorating global external conditions, it is imperative to strengthen responsible management, enhance management stability, and make quick and bold decisions.

Chairman Lee Jae-yong's promotion agenda was proposed by Kim Han-jo, an outside director, and was decided after discussion with the board of directors.

This promotion is the first in two years since his father, the late Chairman Lee Kun-hee, passed away in October 2020, and 31 years since he joined Samsung Electronics in 1991.

Previously, Chairman Lee became the vice chairman of Samsung Electronics in December 2012 and has effectively led the management of Samsung after Chairman Lee Kun-hee passed away from a myocardial infarction in 2014.

Although the Fair Trade Commission changed the head of Samsung from Chairman Lee Kun-hee to Vice Chairman Lee Jae-yong in 2018, he has maintained the title of vice-chairman without a promotion since then, but with this promotion, responsible management has been further strengthened.

Chairman Lee has been active since he was reinstated as a special envoy for Liberation Day in August. Starting with participation in the groundbreaking ceremony for the semiconductor R&D complex at Samsung Electronics’ Giheung Campus on August 19, He visited domestic and overseas sites such as Samsung Engineering’s Global Engineering Center (GEC), Samsung Electronics’ Suwon Plant, Samsung SDS’ Jamsil Campus, Samsung Biologics’ Songdo Plant, Mexico and Panama subsidiaries one after another to check the business status and future preparations.

In the business world, the promotion of Chairman Lee is expected to speed up the 'New Samsung' even more. In particular, it is expected that Chairman Lee will soon release a management message related to the so-called 'New Samsung', the second declaration of new management that will follow Chairman Lee Kun-hee's 'New Management Declaration'.