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Samsung promotes founder’s grandson to vice chairman

Published Dec 5th, 2012 9:58PM EST
Samsung Promote Jay Y Lee

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Samsung (005930) on Wednesday promoted the grandson of its founder to vice chairman. Jay Y.Lee, the chief operating officer and president, is the son of Lee Kun-hee’s, the company’s chairman for the past 25 years, who is in turn the son of Samsung founder Lee Byung-chull. A Samsung executive familiar with the matter told Reuters that “it is a stamp of approval from the chairman that the vice chairman has shown capability to manage Samsung” and added that “it’s a major step forward [for Jay Lee to become] the future successor at Samsung.” Shares of Samsung gained 1.25% following news of Lee’s promotion and the stock closed at an all time high of ₩1.455 million South Korean Won, equal to roughly $1345. Despite an onslaught of legal disputes, the South Korean company’s stock has flourished this year and has surged more than 35% since January.

Dan joins the BGR team as the Android Editor, covering all things relating to Google’s premiere operating system. His work has appeared on Fox News, Fox Business and Yahoo News, among other publications. When he isn’t testing the latest devices or apps, he can be found enjoying the sights and sounds of New York City.