Electronic giant Samsung has appointed Lee Jae-yong as its executive chairman. The company is ready to be led by the third generation of the founding family, who was convicted of bribery and embezzlement in 2017 and was granted a special presidential pardon in August.

According to the official statement, the Board approved the appointment, which was recommended by Independent Director and Board Chairman Han-Jo Kim. “The Board cited the current uncertain global business environment and the pressing need for stronger accountability and business stability in approving the recommendation,” read the statement .

The 54-year-old has been vice-chairman of Samsung Electronics, the crown jewel of South Korea's biggest business conglomerate, since 2012.

The appointment comes at a  time when Samsung announced that operating profit for the company declined 23% from the previous quarter. According to the statement, the earnings in the Memory Business declined as inventory adjustments of customers exceeded market expectations and demand for consumer products remained weak. 

Image source: CEOWORLD magazine