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November 17, 2010, 2:01 AM EST
By Jun Yang
(Adds history of Chairman’s return in third paragraph.)
Nov. 17 (Bloomberg) -- Samsung Electronics Co. Chairman Lee Kun Hee will promote his son this year, a move that would place the scion closer to being chief executive officer of the world’s largest maker of memory chips, TVs and flat screens.
Chairman Lee told reporters today he plans to promote Lee Jae Yong to president from executive vice president during the annual year-end management reshuffle scheduled next month, said a Samsung Group spokeswoman, confirming a MoneyToday report. She declined to be named, citing company policy.
The elder Lee, South Korea’s richest tycoon, returned as chairman of Samsung Electronics in March after criminal charges of tax evasion led him to resign. Samsung promoted the younger Lee in December last year to the current position.
Samsung Electronics fell 2 percent to close at 795,000 won in Seoul, compared with the 0.1 percent drop by South Korea’s benchmark Kospi stock index.
--Editors: Young-Sam Cho, Brett Miller
To contact the reporter on this story: Jun Yang in Seoul at jyang180@bloomberg.net
To contact the editor responsible for this story: Young-Sam Cho at ycho2@bloomberg.net.
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(Adds history of Chairman’s return in third paragraph.)
Nov. 17 (Bloomberg) -- Samsung Electronics Co. Chairman Lee Kun Hee will promote his son this year, a move that would place the scion closer to being chief executive officer of the world’s largest maker of memory chips, TVs and flat screens.
Chairman Lee told reporters today he plans to promote Lee Jae Yong to president from executive vice president during the annual year-end management reshuffle scheduled next month, said a Samsung Group spokeswoman, confirming a MoneyToday report. She declined to be named, citing company policy.
The elder Lee, South Korea’s richest tycoon, returned as chairman of Samsung Electronics in March after criminal charges of tax evasion led him to resign. Samsung promoted the younger Lee in December last year to the current position.
Samsung Electronics fell 2 percent to close at 795,000 won in Seoul, compared with the 0.1 percent drop by South Korea’s benchmark Kospi stock index.
--Editors: Young-Sam Cho, Brett Miller
To contact the reporter on this story: Jun Yang in Seoul at jyang180@bloomberg.net
To contact the editor responsible for this story: Young-Sam Cho at ycho2@bloomberg.net.
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