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Samsung courts nepotism again, appoints chief's son Jay Y. Lee to vice chairman
Though Samsung is ostensibly a public company, it has been run more like a fiefdom in terms of leadership, having been founded in 1938 by Lee Byung-chull who passed the reins on to current chairman Lee Kun-hee 25 years ago last week. Now, his 44-year-old son, Jay Y. Lee, has been appointed vice chairman, paving the way for another likely family succession to the top of the $195 billion Korean electronics giant. The scion is already the chief operating officer and president of Samsung and the new role will "build on his existing responsibilities and (let him) take a broader role in managing Samsung Electronics' business," according to the company. That may fly in the face of the Korea's political climate right now, according to Reuters, where the country's chaebol's are under pressure to reform amid an ever-widening wealth gap. Though Lee is reported to be lacking in the kind of business star-power that his father exudes, nowadays the job might require more of a keen legal mind than anything else.
Samsung appoints components boss Kwon Oh-hyun as new CEO
Vice Chairman Kwon Oh-hyun is about to become a very busy man, having been tasked with handling "corporate-wide affairs" as Samsung's new CEO while also continuing at the helm of the manufacturer's components business. He'll replace current CEO Choi Gee-sung, who'll take on a role looking for "future growth engines" as the head of the Samsung Group Corporate Strategy Office -- at least once his new XL business cards arrive from the printers. Other top-level positions look relatively stable at this point, with Jay Lee (the son of the current Samsung Electronics chairman, Lee Kun-hee) staying on as chief operations officer.
Samsung promotes DRAM chief to vice chairman, implements 'top-two' structure
Samsung reshuffled its managerial hierarchy yesterday, promoting Kwon Oh Hyun, head of its DRAM operations, to vice chairman. Kwon, who successfully steered Samsung through an industry-wide price slump last quarter, will continue to head up the company's chip and LCD divisions, while working alongside Jung Yeon Joo -- the former CEO of Samsung C&T Corporation who was also promoted to vice chairman. The restoration of this "top-two" structure was one of several moves the Samsung Group made on Wednesday, including the announcement of six new presidents. Kwon's advancement, however, is certainly the most noteworthy. As the Korea Times reports, the move has already garnered speculation among industry observers, some of whom believe that Kwon's new position signifies Samsung's equal commitment to both component and product divisions. In a statement, Samsung praised the executive for navigating its DRAM business through choppy economic waters, while crediting him for the "strengthening of Samsung's market leadership in memory products." Read more at the source links below.
