A major leadership move is underway at Samsung as heir apparent Jay Y. Lee has formally been nominated for a seat on the company's Board of Directors today. He is the son of Samsung chairman Kun-Hee Lee and is widely believed to be the future leader of the company and the perfect candidate to take his father's vision for the company forward. An Extraordinary General Meeting of Shareholders has been called next month where the nomination of Jay Y. Lee as a member of the Board of Directors will be approved.
Jay Y. Lee is considered as his father's replacement at the helm of the Korean conglomerate. Lee Kun-Hee took over from his father Lee Byung-chull who founded the Samsung group in 1987 and he has grown the company into the behemoth it is today. Lee Kun-Hee has been hospitalized since the past two years following a heart attack and during this time, Jay Y. Lee's executive titles have been gradually increased and so have his areas of responsibilities within the company. He has been involved in Samsung's negotiations with Apple over patent disputes and has developed relationships with companies like Sony and HP.
Samsung says that “the time is now right” to nominate Jay Y. Lee as a member of the Board which will enable him to take a more active role in Samsung's “strategic decision-making.” It's widely believed by market observers that Jay Y. Lee will formally take over the reins once his father passes away. Having a seat on the company's board will make that elevation to the top job that much easier once the time inevitably comes.
