Samsung Electronics announced a new Executive Chairman for the company on Thursday. Jay Y. Lee is the newest face to be crowned as the chairman of the biggest smartphone and memory chip makers in South Korea. This appointment confirms that Samsung is ready to be run by the third generation of its founders. 

Jay Lee has been the vice chairman of Samsung Electronics since 2012, and this change reflects that he is all set to take the position of his father. Lee Kun Hee was the late patriarch and chairman of the Samsung Group. Due to his constant health issues, he was hospitalised in 2014 and later died in 2020. After his demise, the board decided to appoint junior Lee as the new executive chairman on Thursday.   

In a statement shared by Samsung, the company’s members stated that “The Board cited the current uncertain global business environment and the pressing need for stronger accountability and business stability in approving the recommendation.”

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Reports suggest that there is a 31% drop in the profit of the third quarter of the company. The main reasons behind such a downturn are mostly inflation and geopolitical uncertainties. This economic decline could also affect the demand for the upcoming year, mostly in the early months of 2023. However, the board members of the world’s biggest smartphone company have a positive outlook and expect better business interests from the newly appointed executive chairman. 

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