Samsung’s Lee promoted to Chairman

Seoul, The Gulf Observer: Samsung Electronics Co.’s new Chairman Lee Jae-yong called on employees to rise up to challenges and to focus more on technology development.

“We can turn this crisis into opportunity … I will stand at the forefront” of the campaign to make Samsung a greater company “beloved” by consumers around the world, Lee said, Yonhap reported.

His promotion endorsed at a board meeting earlier in the day, the company said, considering “an urgent need for stable management and leadership amid the deteriorating global business environment.”

Lee started working at the tech firm in 1991 and promoted to vice chairperson in 2012.

With the new title, Lee’s leadership will be put to the test at a time when the tech giant has been trying to navigate mounting challenges from macroeconomic woes and slowing businesses.

Samsung Electronics earlier in the day reported a sharp decline in profits for the third quarter, as the semiconductor business has slowed significantly following the pandemic-fueled boom that boosted the chipmakers’ top and bottom lines for the past few years.

A difficult road lies head for the tech giant in the coming months and well into the next year, amid growing economic uncertainties and fears of a recession.