Samsung royalty and former vice chairman, Jay Y. Lee is the new executive chairman of the manufacturing conglomerate.
This announcement makes certain that the world’s biggest smartphone maker will officially be run by the third generation of its founding family.
According to Samsung’s board, the change, “cited the current uncertain global business environment and the pressing need for stronger accountability and business stability,”
This announcement comes a few months after Mr Lee, convicted of bribery and embezzlement in 2017, was granted a special presidential pardon. He was imprisoned twice for bribing a former president. He was found guilty of bribery, embezzlement and concealment of criminal proceeds worth about 8.6 billion won ($6m; £5.2m) in the case involving former South Korea President Park Guen-Hye, who was also jailed for bribery and corruption.
At the time, the country’s Justice Ministry said it made the decision to release Mr Lee after considering the effects of the pandemic on South Korea’s economy and global markets.
The pardon ended a five-year ban on Lee holding a formal position at Samsung.
The 54-year-old served as the vice chairman of Samsung since December 2012. He took up the role of de facto leader in 2014 after his father, Lee Kun-Hee suffered a heart attack and subsequently died in 2020.