Lee Jae-yong becomes Samsung chair after presidential pardon

Samsung Electronics, a South Korean technology powerhouse, said on Thursday that de facto CEO Lee Jae-yong would be promoted to chairman.Informaion Guide Nigeria

After serving time in prison for a fraud conviction, Jae-yong was granted clemency by the president in August.

The ex-convict now occupies a post that has been empty since his father, Lee Kun-hee, passed away in 2020.

The nomination of Jae-yong occurred at a time when the company’s third-quarter operating earnings were down 31.39 percent year-over-year due to the impact of a worldwide economic recession on consumer electronics demand.

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The company’s important memory chips division posted a decline in earnings, and “demand for consumer products remained weak,” according to a company statement.

The company’s operating profit during the period from July to September 2022 decreased to 10 trillion won ($7 billion) from 15.8 trillion won during the same time in 2021.

“Our survival depends on future technologies,” Jae-yong said in a message posted on the company’s internal forum after his promotion, Yonhap reported.

“We can turn this crisis into opportunity,” he added.Jamb Result 

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