Samsung Electronics Co <005930.KS> has appointed Jay Y. Lee, the son of its chairman Lee Kun-hee, as vice chairman, Samsung Group said on Wednesday, moving the chief operating officer and president another step closer to the top.
"Lee will continue to play a critical role in transforming Samsung's business model - the set (product) business into one based on a platform and the component business into a total solution provider."
Jay Lee, 44, 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.
Observers said at the time that Choi's move was aimed at preparing a succession plan for Jay Lee.
Samsung Group was founded in 1938 by Lee Byung-chull, Jay Lee's grandfather, as a small trading company and Samsung Electronics which is the jewel in the crown of its vast industrial empire now sells more mobile telephones than any other company.