Samsung Electronics vice chairman Lee Jay-yong on Monday attended the award ceremony for the Ho-Am Prize, Samsung Group’s most important annual award, on behalf of the owner family for the first time.
Keen attention was paid to the Samsung heir’s appearance because representing the family at the event appeared to be one of the final steps to taking to the throne at South Korea’s largest conglomerate.
Established by his father, chairman Lee Kun-hee in honor of late Samsung founder Lee Byung-chull in 1990, the award has recognized distinguished figures for their contribution to science, welfare and culture.
Even though attending the award ceremony is a family ritual for the Lees, they failed to attend the event last year due to the chairman’s unexpected hospitalization.
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| Samsung Electronics vice chairman Lee Jay-yong attends the award ceremony of the Ho-Am Prize held at Ho-Am Art Hall in central Seoul on Monday. (Yonhap) |
Unlike the previous event, the ambience at the Seoul venue this year was more upbeat, filled with expectations about the young leader. But considering it was a celebration for recipients, he used a separate door to enter at the last minute and didn’t make a speech during the event.
With his father’s prolonged absence, the 47-year-old junior Lee has faced numerous tests over the past year to prove his competency.
Under his leadership, Samsung has revamped its businesses, acquiring promising tech start-ups and selling off less profitable affiliates. The management structure has also been streamlined for a smoother leadership transition to a new generation.
During the period, Lee has also expanded his influence throughout the group by securing more stakes at Samsung Electronics, the flagship affiliate that makes up more than half the group’s total revenue.
His recent taking charge of two family foundations was especially meaningful considering the positions have served as the official face of the group. It was also the first time for Lee to take chairmanship titles at Samsung companies.
He is also gauging whether to attend this week’s summer membership training event for some 9,000 new employees that had been be presided over by chairman Lee since 1987. He didn’t attend the event last year, also due to his father’s illness.
Lee joined Samsung Electronics in 1991. His roles included chief customer officer and vice president at the strategic planning division. He was promoted to executive vice president and chief operating officer in December 2009, and a year later was named president. In 2012, he was elevated to vice chairman.
By Lee Ji-yoon (jylee@heraldcorp.com)
