Samsung Chairman Lee Kun-hee's 42 year old son, Lee Jae-yong, is said to be promoted, making Samsung a 'newly young' corperation.
Chairman Lee made the announcement to reporters upon his arrival at Gimpo Airport on Wednesday after returning from the Guangzhou Asian Games. It is not certain when and what position Lee will take at this time, according to the spokeswoman. However, some guess he may be promoted to President of Samsung Electronics.
The only son of Chairman Lee, Lee Jae-yong was promoted to his current position, Executive Vice President and Chief Operating Officer, in December of last year. Since his promotion, he has been at the center of the company's rapid growth.
Lee Jae-yong graduated from Seoul National University and joined the company in 1991 as General Manager of Samsung Electronics. Before long, he studied at Harvard in the United States and Keio University in Japan.
Chairman Lee Kun-hee, 68, led Samsung for almost 20 years and turned the company into a global brand. In April 2008 he stepped down after being charged with tax evasion but returned to the company as Chairman of Samsung Electronics in March after being granted a special pardon from President Lee Myung-bak.
Meanwhile, Samsung Electronics reported more than eight billion dollars in annual earnings last year, along with record sales and this year's third-quarter profit rose 17 percent to a record 4.46 trillion won ($3.9 billion) led by sales of semiconductors.
