Published : Oct. 27, 2016 - 11:23
Shareholders of Samsung Electronics Co. on Thursday approved the nomination of Vice Chairman Lee Jae-yong to the electronics giant's board of directors.
The approval enables the 48-year-old Lee, the only son of the ailing Samsung Electronics Chairman Lee Kun-hee, to more actively participate and take formal responsibility in the company's important decision-making, Samsung said in a statement.
(Yonhap)
Another Samsung vice chairman, Kwon Oh-hyun, said the approval was met "with applause" as most shareholders voiced their support for Lee's nomination.
The younger Lee, a Harvard Business School graduate, joined Samsung Electronics in 1991.
As a board member, the younger Lee is facing an uphill battle in restoring the company's tarnished reputation following the global recall and discontinuation of the Galaxy Note 7 smartphone.
Earlier in the day, Samsung reported a 30-percent plunge in its third-quarter operating profit, hit by the discontinuation of the Galaxy Note 7 smartphone over safety concerns.
Kwon said Samsung "will make significant changes in the quality assurance processes in its commitment to providing safe and reliable products and regaining customers' confidence." (Yonhap)