South Korean electronics major Samsung Electronics announced on 12 September 2016 that Vice Chairman Lee Jae-yong will be appointed as a registered executive director on the board.
The decision was made keeping in mind the urgent need for strategic decision-making on aggressive investments and new growth engines from a long-term perspective.
Who is Lee Jae-yong?
• Lee Jae-yong is a South Korean business magnate.
• He is the eldest child and only son of Lee Kun-hee, Chairman of Samsung.
• He received a degree in East Asian history at Seoul National University.
• He obtained his master's in business administration from Keio University.
• He has also attended Harvard Business School to pursue a Doctor of Business Administration degree, focusing on e-commerce. However, he did not obtain the degree.
• He is referred to as the Crown Prince of Samsung by the South Korean media.
• His wealth is estimated to be worth 7.9 billion US dollar, making him the third wealthiest person in South Korea.
• In 2014, he was named the world's 35th most powerful person and the most powerful Korean by Forbes Magazine's List of The World's Most Powerful People along with his father Lee Kun-hee.
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