Grandson of Samsungs founder takes control of empire as earnings fall

Samsung Electronics has appointed Lee Jae-yong — who is known in the West as Jay Y. Lee — as its executive chairman, giving the grandson of the company’s founder formal control, the South Korean tech giant announced today. The announcement came on the same day that Samsung announced a series of disappointing earnings results, as profits fell 23 percent compared to the previous quarter.

According to Samsung’s official announcement justifying the appointment, “the Board cited the current uncertain global business environment and the pressing need for stronger accountability and business stability in approving the recommendation.” Samsung is currently battling a slump in demand for several of its key businesses including memory chips,...

Continue reading…