Samsung scion Jay Y. Lee takes helm of South Korean technology empire

The decision emerged the same day his company reported disappointing earnings and warned it didn't foresee a recovery in technology demand till the second half of 2023

Samsung Electronics Co. named Jay Y. Lee executive chairman of South Korea’s largest company, finalizing a long-anticipated elevation just as a supply chain crisis and escalating geopolitical tensions roil the world’s biggest chipmaker. 
 

The board approved the 54-year-old’s ascension to the helm of the $250 billion company Thursday, Samsung said in a statement. While Lee had been expected to take over the post after his father died in 2020, his ascension had been delayed by graft investigations and two stints in jail.

The decision emerged the same day his company reported disappointing earnings and warned it didn’t foresee a recovery