Samsung Chairman to Promote Son

By Cindy Waxer November 17, 2010

There’s soon to be a changing of the guards at Samsung Electronics. Chairman Lee Kun-hee has revealed that his son, executive vice president Lee Jae-yong, will be promoted to a more high-level executive position. The chairman made his intentions clear when questioned by a reporter upon returning form the Asian Games in Guangzhou, China.

Lee Kun-hee is ranked by Forbes Asia as South Korea’s richest person with a $7.9 billion fortune. Samsung's current president and CEO is Choi Gee-sung.

Of course, Jae-yong will certainly have his work cut out for him. Samsung recently reported that large-size panel shipments fell quarter-on-quarter to 160 million units from 167 million, including both TV and IT panels. Average sales prices for notebook PC, monitor and TV panels all witnessed declines. And Samsung warns that demand for TV and monitor panels is expected to remain weak in the fourth quarter. Still, the company is banking on an increased demand for notebook panels stimulated by growing tablet PC sales to counterbalance changes in consumer demands.  

In fact, sales of mobile phone handsets rose 19 percent from a year earlier to 71.4 million units.  Average sales price also increased 14 percent quarter-on-quarter. The rollout of Samsung’s flagship smartphones, Galaxy S and Wave, were the primary drivers of continued sales growth. Since its launch in June, Galaxy S has been rolled out in 90 countries and has been selected by 210 carriers worldwide. Samsung projects sales of 10 million units by the end of 2010. The Samsung Wave, which operates on Samsung’s open smartphone platform, bada, has also shipped more than two million units in 80 countries. The quarter was also marked by the launch of Samsung’s Android-powered Galaxy Tab, which will be available on 140 carriers globally including all four major service providers in the United States. 

In addition to serving as executive vice president, Jae-yong is also Samsung’s chief operating officer. He was promoted to the position in December last year and has previously served as chief customer officer and vice president for strategic planning.

Edited by Tammy Wolf

TechZone360 Contributing Editor

Related Articles

The World is His Oyster: Connected Solutions Enable Daniel Ward to See Food

By: Paula Bernier    3/16/2018

Fresh seafood can taste great, but if it is not handled properly, people can get sick, and that can lead to business closures and lost revenues. That'…

Read More

How to Get Ready for GDPR if You've Waited Until the Last Minute

By: Special Guest    3/14/2018

With less than two months until the General Data Protection Regulations (GDPR) deadline, many companies have already started making sure that their bu…

Read More

How Fintech is Helping Create Global Businesses

By: Special Guest    3/14/2018

The growth of Fintech probably has not escaped your attention. Whether you're a customer making contactless payments or an investor weighing up CFD tr…

Read More

Are We Prepared for Automation?

By: Special Guest    3/13/2018

We are barreling toward a future of automation. A great proportion of the six million US manufacturing jobs that have disappeared over the last few de…

Read More

The Dark Web - A Hot Bed for Cybercrime

By: Special Guest    3/12/2018

There is a corner of the internet that is cloaked from every day users. Beneath the typical search engines and web browsers, an illegal marketplace is…

Read More