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.