Samsung today announced the annual executive reshuffle and confirmed to promote Jay Y Lee (Lee Jae-yong) as the Vice Chairman of Samsung Electronics. 44-year old Jay Y Lee (right) is Samsung Electronics Chairman Lee Kun-hee’s son and currently holds the position of Chief Operating Officer (COO) and President at Samsung Electronics.
Samsung says the promotion is a result of Lee’s efforts that allowed Samsung to achieve top position in the the semiconductor and display markets.
Assuming the new position, Lee is expected to “build on his existing responsibilities and take a broader role in managing Samsung Electronics’ businesses…and will continue to play a critical role in transforming Samsung’s business model – the set business into one based on a platform and the component business into a total solution provider.”
Apart from Jay Y Lee, Kinam Kim, President of Samsung Advanced Institute of Technology (SAIT) was promoted as President and CEO of Samsung Display and the head of the OLED business.
Soo-in Cho was appointed President and head of Samsung Electronics’ Health and Medical Equipment business; Keun-Hee Park named Vice Chairman & CEO of Samsung Life Insurance; Don-joo Lee named President of Sales and Marketing, Mobile Communications Division at Samsung Electronics; Won-Pyo Hong named President and Head of Media Solution Center at Samsung Electronics; Won-Kyu Park named President & CEO of Samsung Corning Precision Materials; Dai-Ki Lim named President and CEO of Cheil Worldwide; In-Yong Rhee named President and Head of Communication Team, Samsung Corporate Strategy Office.