Samsung anoints chairman's son and heir as vice-chairman

Set to be third generation of family to run giant chaebol

Samsung Electronics has promoted the son and heir apparent of its chairman to the job of vice chairman.

Jay Y Lee, son of chairman Lee Kun-hee, is already chief operating officer and president and is widely expected to be his father's successor.

"The promotion of Jay Y. Lee recognises his outstanding achievements as a leader of innovation and as a change agent, which has led to Samsung becoming one of the world’s beloved brands and to a commensurate rise in shareholder value," the firm said in a canned statement.

"Mr. Lee has also made invaluable contributions to the unprecedented growth of Samsung’s smartphone and TV businesses."

The Samsung group was started by Lee Byung-chull, Jay Lee's grandfather, and the electronics business is the most well-known arm of the giant South Korean family-run firm, known as a chaebol.

Politicians in the country have promised to democratise economics in the country, as ordinary Koreans express anger at how top-earning jobs are kept in the family. ®