“Samsung Group, South Korea’s biggest conglomerate whose flagship unit includes Samsung Electronics Co., unveiled its annual promotions on Monday most of which were relatively low-key,” Min-Jeong Lee reports for The Wall Street Journal. “Except for one: the promotion of Chairman Lee Kun-hee’s daughter to a key role.”
“The group said it will promote Lee Seo-hyun, one of Mr. Lee’s two daughters, as president of a division at Samsung Everland Inc., which is controlled by the Lee family and serves as a de facto holding company for the group,” Lee reports. “Samsung Everland also operates an amusement park and has long been used as a key investment vehicle in maintaining the family’s ownership over the roughly 80 Samsung affiliates.”
“The move is being interpreted as one of the many incremental steps Samsung has to take for a transition of power from Chairman Lee to his three children — son Jay Y. and daughters Boo-jin and Seo-hyun,” Lee reports. “Around the same time last year, Jay Lee was promoted to vice chairman of Samsung Electronics, which was also interpreted as taking him closer to eventually heading the world’s biggest smartphone maker.”
Read more in the full article here.
MacDailyNews Take: When Lee Kun-hee dies, they won’t need to dig a hole. He’s so crooked, they’ll just screw him into the ground.
[Thanks to MacDailyNews Readers “Ron” and “Dooley Knotet” for the heads up.]