Jay Y. Lee, grandson of the founder of Samsung Electronics Co., was named the company’s chief operating officer and Cho Gee-sung was named CEO in a reorganization,
the
Wall Street Journal
reported.
The company also named a new CFO and said it would adopt international accounting standards in financial disclosures as of the first quarter of 2010.
Lee has been “for years a behind-the-scenes liaison to the company’s biggest customers,” the
Journal
article said.
The changes climax a series of reforms that began at Samsung when Mr. Lee’s father, Lee Kun-hee, resigned as chairman in April 2008 while being investigated for fraud.
A Reuters report noted
that Lee, also known by his Korean name, Lee Jae-yong, is:
the latest among the descendents of the families that head the bulk of top South Korean business groups, or “chaebol,” to be getting ready to take over the top job eventually.
The
Journal
article said that the promotion of Lee, 41, “is another major sign that the company is shedding its tradition of promoting by seniority.” (Sources:
Wall Street Journal,
Dec. 15, 2009; Reuters, Dec. 16, 2009.)
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