Samsung Electronics’ de facto leader Jay Y. Lee was named Executive Chairman. The Board cited the current uncertain global business environment and the pressing need for stronger accountability and business stability in approving the recommendation.
The appointment comes as Samsung is facing mounting business headwinds amid a sharp downturn in worldwide tech demand, caused by soaring inflation, interest rates and a gloomy economic outlook. Lee has been Vice Chairman of Samsung Electronics since 2012.
Samsung reported a 31% drop in third-quarter profit and said geopolitical uncertainties were likely to dampen demand until early 2023, as the global economic downturn slashed appetite for electronic devices.
The company expects demands for electronic devices and chips to cover to some extent in 2023 though macroeconomic uncertainties are likely to persist. The company said, “In the memory business, after a dampened first half, demand is expected to rebound centering on servers as data center installations resume.”
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