Samsung chairman's son succeeds his father at helm of two foundations




Jay Y. Lee, the 46-year-old son of Samsung Electronics chairman Lee Kun Hee, will succeed his father as the head of two key foundations,

Reuters reported.

The move suggests “that a transfer of leadership is underway” at Samsung Group, the article said. “The foundation appointments are the first time the younger Mr. Lee has formally assumed leadership roles from his father,” Reuters reported.


Lee Kun Hee, 73, has been hospitalized since suffering a heart attack more than a year ago, the Reuters report noted.


The foundations, Samsung Life Public Welfare Foundation and Samsung Foundation of Culture, hold stakes in Samsung Life Insurance, “an important piece in Samsung's vast and complicated ownership structure that enables the Lee family to control the group despite their relatively small stakeholding,” the article said.


Samsung has not confirmed any succession planning, the Reuters article said. (Source: Reuters, May 15, 2015.)

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