Samsung Chairman’s Son Gets Board Seat, New Direction For Company Tipped
Under pressure following the recall of the Galaxy Note 7 Samsung has moved to appoint Jay Y. Lee, the son of chairman Lee Kun-hee, to the board of Samsung in what’s widely seen as a step towards formalizing his role as the next head of the company.
“More than two years after the hospitalization of Chairman Kun-Hee Lee, the Board of Samsung Electronics believes that the time is now right to nominate Jay Y. Lee as a member of the Board to allow him to take a more active role in the Company’s strategic decision-making,” Samsung said in a statement.
Chairman Lee was hospitalized two years ago following a heart attack. Since then his son, now 48 years old and worth $6.5 billion, has largely steered the company as vice chairman while his father has remained hospitalized, and largely out of the public eye.
Lee began his career at Samsung in 1991 and became president in 2009, then vice chairman in 2013. In that time he was known for brokering deals with Apple and building partnerships with industry peers like Hewlett Packard and Sony.
Last night HP said that they have agreed to buy Samsung Electronics Co.’s printer business for $1.05 billion, betting that it can grab share and generate income, even in a shrinking global market.
Samsung announced it was recalling its well-reviewed Galaxy Note 7 more than a week ago, due to cases of the phone’s battery exploding. The recall process has run relatively smoothly in Australia with new models set to be available from the 21st of September.