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AP National Business

Samsung officially names third-generation heir Lee chairman

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Published 9:14 PM

By KIM TONG-HYUNG
Associated Press

SEOUL, South Korea (AP) — Samsung Electronics has officially appointed third-generation heir Lee Jae-yong as executive chairman, two months after he secured a pardon of his conviction for bribing a former president in a corruption scandal that toppled a previous South Korean government.  Lee’s promotion is partially symbolic as he has helmed the Samsung group in his capacity as the electronics company’s vice chairman since 2014, when his late father suffered a heart attack. Lee is now navigating one of his toughest stretches as the technology giant’s leader.  The economic havoc unleashed by Russia’s war on Ukraine and rising interest rates imposed by central banks to counter surging prices have slowed consumer spending on technology devices and deflated chip shipments.

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