Samsung Group said Friday in a statement that Lee Jae-yong would move up from executive vice president at Samsung Electronics and would retain his other current position of chief operating officer.
Samsung Electronics is a major force in the global electronics industry, where it holds the top spots in memory chips and flat screen televisions and ranks No. 2 in mobile phones behind Finland's Nokia Corp.
The company is also is the flagship corporation of the Samsung Group conglomerate, which consists of dozens of other businesses including shipbuilding, construction, leisure and finance.
Samsung Electronics Chairman Lee Kun-hee's father founded the Samsung Group. The move to promote Lee Jae-yong, who also goes by Jay Y. Lee, was widely expected after Lee Kun-hee, 68, said last month that his son was set to move up the ranks.
The promotion of Lee Jae-yong as well as of other executives was an "organizational realignment to better prepare for the future in the rapidly changing business environment of the 21st century," the statement said.
Lee Jae-yong "is expected to continue to strengthen the competitiveness of Samsung's strategic businesses and to lay the foundation for Samsung's future new growth businesses," the statement said.
The younger Lee replaces Choi Gee-sung as president though Choi remains chief executive officer. Choi was also promoted to vice chairman of Samsung Electronics.
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