Jay Y. Lee inaugurated as chairman of Samsung Electronics

Samsung Electronics Co.'s leader Jay Y. Lee was promoted as the company's chairman on Oct. 27.

Samsung Electronics' board of directors approved the appointment of Lee as executive chairman, the South Korean electronics giant announced on Thursday.

Lee feels a strong sense of responsibility in taking the position and will work for Samsung Electronics to gain deep trust and support from the people, he said to reporters on the same day, following his regular weekly trial hearing at a Seoul court. He has been attending court hearings every Thursday since April 2021 over suspected fraud and stock manipulation. 

He started work for Samsung Electronics in 1991 and was promoted to vice chairman in December 2021. He became Samsung Group's de-facto leader after his late father Lee Kun-hee slipped into a coma in 2014. The late chairman died in 2020.

Of Korea's top four conglomerates, Samsung Group, Hyundai Motor Group, SK Group and LG Corp. Lee was the only leader who didn't have an official chairman title. 

The board made the resolution as it needs business stability, stronger accountability and fast decision-making amid an uncertain global business environment, according to a  company statement. The board approved the appointment as recommended by Independent Director and Board Chairman Kim Han-jo.

Write to Jeong Ji-Eun at jeong@hankyung.com
Jihyun Kim edited this article.