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Samsung promotes Chairman’s son; shares hit life-time high

Last Updated: Wednesday, December 5, 2012 - 09:20

Zeebiz Bureau

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

First Published: Wednesday, December 5, 2012 - 09:20
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