Samsung heir apparent Jay Y Lee nominated to board

Samsung Electronics' board will vote to add Jay Y. Lee, the company's co-vice chairman and presumed heir, at its October meeting, on the heels of a $26 billion drop in market value since its massive Note 7 recall.

Samsung Electronics has nominated its co-vice chairman, Jay Y. Lee, as an inside director, amidst a massive recall of the Galaxy Note 7 for several instances of the handset's battery exploding.

jay-y-lee.jpg

Jay Y. Lee

"By taking an official position as a member of the Board of Directors, Mr. Lee is demonstrating his commitment to the future of the Company and to delivering benefit to the Company and its shareholders," said Samsung in a statement to Reuters on Monday.

Lee has taken a larger role in running Samsung since his father Lee Kun-Hee, the chairman of the South Korea-based technology giant, was hospitalized for a heart attack in 2014.

Samsung's nine person board will vote to add Lee at a meeting in October. The company told Bloomberg that Lee will become more involved in strategic decision making, including mergers and acquisitions.

Being nominated for the board could signal Lee becoming Samsung's de facto head. He's long believed to be the heir apparent of Samsung.

Samsung has lost over 28 trillion won (roughly $26 billion) off its market cap since it issued the Galaxy Note 7 recall in its home country of South Korea last Monday. Samsung and regulators around the world have urged customers to stop using the device, out of fear it will explode.

Newsletters

You have been successfully signed up. To sign up for more newsletters or to manage your account, visit the Newsletter Subscription Center.
See All
See All