Samsung promotes Chairman’s son; shares hit life-time high
New Delhi: Shares of Samsung Electronics Co touched record highs on Wednesday following the its announcement to promote the son of company’s Chairman closer to the top job, a news wire has reported.
Shares in Samsung touched a life-time high of 1.447 million Korean won (USD 1,300).
Chairman Lee Kun-hee's son Jay Lee is already chief operating officer and president and was thrust into the spotlight in June when then Samsung Electronics chief executive Choi Gee-sung, known to be his mentor, was promoted to lead the entire Samsung group's strategy, a defacto No.2 role within the group to chairman Lee.
"It is a stamp of approval from the chairman that the vice chairman has shown capability to manage Samsung. It's a major step forward (for Jay Lee to become) the future successor at Samsung," the news wire quoting a Samsung executive said.
With Agency Inputs