[Chairman Lee Jae-yong Inauguration] Business Community Welcomes... "Expecting Shift from Crisis to Opportunity"

[Image source=Yonhap News]

[Asia Economy Reporter Sunmi Park] Voices of congratulations and welcome are continuing in the business community regarding the inauguration of Lee Jae-yong as Chairman of Samsung Electronics.

On the 27th, the Korea Chamber of Commerce and Industry issued a statement under the name of Kang Seok-gu, Head of the Research Division, regarding the promotion of Samsung Electronics Vice Chairman Lee Jae-yong to Chairman, saying, "We congratulate him on his promotion to Chairman," and "Since he has been performing a substantial role as the top executive of Samsung Group, this promotion to Chairman is a decision that enhances management stability." It added, "In a situation where external business conditions are deteriorating, we expect bold decision-making and synergy effects in strengthening responsible management for crisis response and establishing future strategies as a leading company in the Korean economy."

Yoo Hwan-ik, Head of the Industrial Division at the Federation of Korean Industries, also congratulated Chairman Lee on his inauguration, saying, "With the inauguration as Chairman, we hope Samsung Electronics maintains its competitiveness in the global market based on bold investments in new technologies and turns the crisis ahead of us into a new opportunity." Yoo also reminded, that the Korean economy is facing a crisis due to the recent intensification of semiconductor hegemony competition between the U.S. and China and the worsening export environment caused by the spread of protectionism, emphasizing that Samsung Electronics is also in fierce competition with global semiconductor companies such as TSMC and Intel.

On the same day, Chairman Lee Jae-yong, after finishing the morning trial related to accounting fraud and unfair merger charges held at the Seoul Central District Court in Seocho-gu, Seoul, expressed his feelings on his inauguration, saying, "My shoulders have become very heavy." He added, "I will try to make a company that is trusted and loved by the people even a little more. I ask for the support of many citizens."

Meanwhile, with Chairman Lee's inauguration, the heads of the four major conglomerates all now hold the title of 'Chairman.' All were born between 1960 and 1978, and the young 3rd and 4th generations of the founders have stepped forward as chairmen to lead management. Choi Tae-won, Chairman of SK Group, born in 1960, was the earliest to take the chairman position in 1998, followed by Koo Bon-moo, the youngest among the four major groups born in 1978, who took the chairman title in 2018. Then, Chung Eui-sun, born in 1970 and Chairman of Hyundai Motor Group, was inaugurated as chairman in 2020, and on this day, Lee Jae-yong, born in 1968, rose to the chairman position after 10 years since his promotion to vice chairman.

This content was produced with the assistance of AI translation services.