Seoul, Dec 5 (IANS) Samsung Group, South Korea's largest family-owned conglomerate, said Wednesday that Lee Jae-yong, the only son of Samsung Electronics chairman Lee Kun-hee, was promoted to vice chairman, a move seen as part of efforts to accelerate the management succession plan.
According to an e-mailed statement, the 44-year-old Lee junior was promoted to vice chairman from president and chief operating officer (COO) at Samsung Electronics, the main force of Samsung Group and the world's No.1 maker of memory chips, flat screens and smartphones, reported Xinhua.
"Lee has made invaluable contributions to the unprecedented growth of Samsung's smartphone and TV businesses. Lee also solidified Samsung's unmatched leadership in the global semiconductor and display markets, and spearheaded Samsung's rapid expansion from the field," Samsung said in a press release.
"As vice chairman, Lee will build on his existing responsibilities and take a broader role in managing Samsung Electronics' businesses," said Samsung.
Lee's ascent came two years after he was promoted to president of Samsung Electronics.
After graduating from Seoul National University, Lee started his career at Samsung Electronics in 1991. He got an MBA at Keio University in 1995 and completed a Ph.D. in business administration at Harvard Business School in 2000.
The promotion seemed to be viewed as part of efforts to accelerate the management succession from the 70-year-old chairman Lee to his only son Jae-yong.