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Lee Jae-yong

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For other people named Lee Jae-yong, see Lee Jae-yong (disambiguation).
In this Korean name, the family name is Lee.
Lee Jae-yong
이재용
Lee in December 2016
Born (1968-06-23) June 23, 1968 (age 56)
Yongsan, Seoul, South Korea
Education
OccupationBusiness executive
Years active1991–present
TitleExecutive Chairman, Samsung Electronics
Spouse
​
​
(m. 1997; div. 2009)​
[1]
Children2[2]
Parents
Relatives
Criminal information
OrganizationSamsung
Criminal statusPardoned on August 12, 2022; 2 years ago (2022-08-12)
Conviction(s)
Date apprehended
February 17, 2017; 7 years ago (2017-02-17)
Korean name
Hangul
이재용
Hanja
李在鎔
Revised RomanizationI Jaeyong
McCune–ReischauerI Chaeyong

Lee Jae-yong (Korean: 이재용; born June 23, 1968), anglicized as Jay Y. Lee,[3] is a South Korean business executive who has been serving as the executive chairman of Samsung Electronics since October 2022.[4] He is the only son of Lee Kun-hee and Hong Ra-hee.[5] As of 17 April 2024, Lee has an estimated net worth of US$11.5 billion, making him the richest person in South Korea.[6]

In 2014, Lee was named the world's 35th most powerful person and the most powerful Korean by Forbes Magazine's List of The World's Most Powerful People along with his father, Lee Kun-hee.[7]

Early life and education

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Lee was born in Seoul, South Korea to Lee Kun-hee and Hong Ra-hee.

He attended Kyungbock High School. He received his Bachelor of Arts degree in East Asian history from Seoul National University,[8] and his Master of Business Administration degree from Keio University, which is a rival University of his father and grandfather's alma mater Waseda University, Tokyo.[9] He attended Harvard Business School for about five years in pursuit of a Doctor of Business Administration degree, but did not graduate.[10][11] Lee is fluent in his native Korean, English, and Japanese.[12]

Career

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Samsung

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Lee started working for Samsung in 1991. He began serving as Vice President of Strategic Planning and then as "Chief Customer Officer", a management position created exclusively for Lee. His prospects for future company leadership dimmed when his father Kun-hee stepped down as Chairman due to tax evasion.[13]

In December 2009, however, his succession prospects were revived when Lee became the chief operating officer of Samsung Electronics.

Since December 2012, he has been vice chairman of Samsung. He is one of the main shareholders of Samsung's financial services subsidiary, owning 11 percent of Samsung SDS.[12] He has been described as having "been groomed to take over the family firm".[14]

Management style

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According to an article in Reuters, Lee is known for his "cold" determination and polite, quiet demeanor. Lee is known to reply personally to e-mails, and assumes a light-hearted attitude with reporters.[8]

In August 2021, The Korea Herald reported that Lee retained his title as Samsung's "Vice-Chairman" despite not drawing a salary or being registered as an executive in compliance with his work ban.[15]

Criminal conviction and pardon

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In January 2017, special prosecutors of the Supreme Prosecutors' Office of the Republic of Korea accused Lee of bribery, embezzlement and perjury.[16] Lee was questioned for more than 22 hours.[17] The charges came as part of a "vast influence-peddling case" that led to the impeachment of South Korean President Park Geun-hye the preceding month.[16] Lee was charged with bribing President Park Geun-hye and her close friend Choi Soon-sil.[18][19][20]

An initial request for an arrest warrant was rejected by the Seoul Central District Court in mid-January 2017.[21][22][23][24] In February 2017, Lee was formally indicted,[20] and arrested after the Seoul Central District Court issued a warrant.[18][25] Lee was charged with "offering US$38 million in bribes to four entities controlled by a friend of then-President Park Geun-hye, including a company in Germany set up to support equestrian training for the daughter of one of Park's friends, Choi Soon-sil" and "Prosecutors alleged the bribes were offered in exchange for government help with a merger that strengthened Lee's control over Samsung at a crucial time for organizing a smooth leadership transition after his father fell ill."[20] After his arrest, Samsung admitted to making contributions to two nonprofit foundations allegedly controlled by Choi and her Germany-based firm but denied such contributions were related to the 2015 merger.[26] A spokesman for Samsung said, "We will do our best to ensure that the truth is revealed in future court proceedings."[18]

The case attracted the attention of the South Korean public; public opinion had turned against chaebols, whose influence on society angered many.[27]

Lee was found guilty on each charge by a three-judge panel of Seoul Central District Court in August 2017 and was sentenced to five years in prison. (Prosecutors had sought a 12-year sentence.)[28][29][30] In February 2018, the Seoul High Court reduced his prison sentence to 2.5 years, and suspended his prison sentence, leading to Lee's release after one year of detention.[31][32][27] Subsequently, the Supreme Court of South Korea sent the case back to Seoul High Court, which held a retrial.[31] In January 2021, Lee was sentenced to two years and six months in prison by Seoul High Court, which found him "guilty of bribery, embezzlement and concealment of criminal proceeds" worth about ₩8.6 billion (US$7.8 million, GB£5.75 million), and found that Samsung's independent compliance committee, established in 2020, was not yet fully effective.[31] Lee was returned to prison.[33]

In mid-2021, the United States Chamber of Commerce, a lobbying group of American companies, joined Korean business groups to urge the president to pardon Lee, arguing that the billionaire executive can help strengthen U.S. President Joe Biden's efforts to end American dependence on computer chips produced overseas amid the 2020–2023 global chip shortage.[34][35] Lee was released on parole from the Seoul Detention Center in Uiwang on August 13, 2021; the South Korean government argued that the release was in the national interest. His parole conditions included business restrictions for five years and requiring permission before travelling outside South Korea.[36][37] Upon leaving prison, Lee apologized, bowing to reporters and saying: "I've caused much concern for the people. I deeply apologize. I am listening to the concerns, criticisms, worries, and high expectations for me. I will work hard."[38][39]

In August 2022, President Yoon Suk Yeol granted a pardon to Lee, citing Samsung's importance to the economy; the pardon opened the door for Lee to take up leadership of the conglomerate.[40][41]

2021 drug conviction

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On October 26, 2021, Lee was convicted for illegally using the drug propofol multiple times between 2015 and 2020 from a plastic surgery clinic. He was sentenced to a fine of ₩70 million (US$60,055).[42][43][44]

Personal life

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Lee has one son Lee Ji-ho (born 2000) and one daughter Lee Won-joo (born 2004) with his ex-wife Lim Se-ryung [ko]. Lim is the Vice Chairwoman of Daesung Group.[45] She filed for divorce from Lee Jae-yong in 2009.[46]

Lee is the cousin of CJ Group chairman Lee Jay-hyun and Shinsegae Group CEO Chung Yong-jin.[47]

Lee enjoys golf and horse riding.[8]

References

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  1. ^ 임세령 이재용 부부, 이혼소송 중…사실상 별거상태, Star Seoul (News), February 13, 2009
  2. ^ '둘째딸 낳은 삼성전자 이재용 상무 부인 임세령, The Dong-a Ilbo (News), May 4, 2004, retrieved July 22, 2016
  3. ^ "A Chinese Court Rejects Arrest of Samsung Heir Jay Y. Lee". Bloomberg L.P. January 18, 2017. Retrieved August 7, 2017.
  4. ^ "Lee Jae-yong: Samsung appoints convicted heir to top job". BBC News. October 27, 2022. Retrieved October 27, 2022.
  5. ^ "Samsung heir Lee Jae-yong arrested in South Korea". BBC News. February 17, 2017. Retrieved August 7, 2017.
  6. ^ "#330 Jay Y. Lee". Forbes. Retrieved April 17, 2024.
  7. ^ "The World's Most Powerful People". Forbes.
  8. ^ a b c "Jay Lee, Samsung's unassuming heir apparent". Reuters. December 5, 2016.
  9. ^ 이재용 삼성전자 부회장의 꿈과 야망 (5)하버드대 경영대학원 최고 성적 |. www.hansbiz.co.kr. Retrieved January 23, 2024.
  10. ^ "Samsung scandal: Who is Lee Jae-yong?". BBC News. March 9, 2017. Retrieved February 28, 2024.
  11. ^ "Samsung Low-Profile Heir Poised to Succeed Father Seen as a God". Bloomberg.com. August 26, 2014. Retrieved December 14, 2022.
  12. ^ a b Kim, Miyoung. "All Eyes Are On Samsung's 'Crown Prince'". Business Insider.
  13. ^ Milian, Mark (December 5, 2012). "How Samsung Is Developing Its Next-Generation Leader". www.bloomberg.com. Archived from the original on December 8, 2012.
  14. ^ "Samsung scandal: Who is Lee Jae-yong?". BBC News. February 5, 2018. Archived from the original on December 30, 2020. Retrieved December 30, 2020.
  15. ^ Su-hyun, Song (August 19, 2021). "[News Focus] Is Lee Jae-yong working at Samsung or not?". The Korea Herald. Retrieved September 19, 2021.
  16. ^ a b "Lee Jae-Yong dodges arrest on charges of bribery". The Economist. January 21, 2017.
  17. ^ "South Korea prosecutor to decide 'soon' whether to seek arrest warrant for Samsung's Lee". Reuters. January 13, 2017. Retrieved January 13, 2017.
  18. ^ a b c "Samsung heir Lee Jae-yong arrested amid bribery allegations". The Telegraph. Retrieved February 17, 2017.
  19. ^ "Samsung heir sentenced to five years in jail". ZDNet. August 25, 2017. Retrieved August 26, 2017.
  20. ^ a b c Youkyung Lee (August 7, 2017). "Prosecutors ask court to imprison Samsung heir for 12 years". Associated Press.
  21. ^ "South Korea prosecutor seeks arrest of Samsung chief for bribery". Reuters. January 16, 2017. Retrieved January 16, 2017.
  22. ^ Pham, Sherisse (January 16, 2017). "South Korean prosecutors seek to arrest Samsung heir". CNNMoney. Retrieved January 16, 2017.
  23. ^ SANG-HUN, CHOE (January 18, 2017). "In a Blow to Prosecutor, South Korean Court Blocks Arrest of Samsung Leader". The New York Times. Retrieved January 19, 2017.
  24. ^ "South Korean court dismisses arrest warrant for Samsung chief". Reuters. January 19, 2017. Retrieved January 19, 2017.
  25. ^ Martin, Timothy W. (February 28, 2017). "Samsung Heir Lee Jae-yong to Be Indicted on Bribery Charges". The Wall Street Journal. New York City. Retrieved February 27, 2017.
  26. ^ "What Samsung's saying – All you wanted to know about the arrest of Samsung heir Lee Jae-yong". The Economic Times. Retrieved February 20, 2017.
  27. ^ a b "Samsung heir freed from S Korea jail". BBC News. February 5, 2018.
  28. ^ Thomas Ricker (August 25, 2017). "Samsung heir found guilty of perjury, embezzlement, bribery". The Verge.
  29. ^ McCurry, Justin (August 7, 2017). "South Korea prosecutors demand 12-year sentence for Samsung boss". The Guardian. ISSN 0261-3077. Retrieved August 7, 2017.
  30. ^ "Prosecutors seek 12-year sentence for Samsung's Lee Jae-yong". BBC News. August 7, 2017. Retrieved August 7, 2017.
  31. ^ a b c "Lee Jae Yong: Samsung heir gets prison term for bribery scandal". BBC. January 18, 2021.
  32. ^ Ricker, Thomas (February 5, 2018). "Samsung heir Lee Jae-Yong released from prison on appeal". The Verge.
  33. ^ Elizabeth Koh, Samsung Is Without a Leader as Jay Y. Lee Returns to Prison, Wall Street Journal (January 18, 2021).
  34. ^ White, Edward (May 20, 2021). "US companies lobby South Korea to free jailed Samsung boss". Financial Times. Retrieved October 7, 2021.
  35. ^ "U.S. companies lobby for pardon for imprisoned Samsung chip tycoon". Marketplace. June 8, 2021. Retrieved October 7, 2021.
  36. ^ Tewari, Suranjana (August 13, 2021). "Lee Jae-yong: Samsung heir released from prison on parole". BBC. Archived from the original on August 9, 2021.
  37. ^ Kim Jaewon, Samsung chief Lee Jae-yong leaves prison on parole, Nikkei (August 13, 2021).
  38. ^ Ron Amadeo, Samsung's leader is out of jail, allowing US factory plans to move forward, Ars Technica (August 13, 2021).
  39. ^ "'I'm very sorry': Samsung tycoon released from prison on parole". www.aljazeera.com. Retrieved August 16, 2022.
  40. ^ "Lee Jae-yong: Why South Korea just pardoned the Samsung 'prince'". BBC News. August 12, 2022. Retrieved August 12, 2022.
  41. ^ Porter, Jon (August 12, 2022). "Samsung heir pardoned for crimes, just like his father". The Verge. Retrieved August 12, 2022.
  42. ^ "Samsung Boss Lee Jae-yong Convicted, Fined for Anaesthetic Misuse in Latest Setback: Report". News18. October 26, 2021. Retrieved October 26, 2021.
  43. ^ Yonhap (October 26, 2021). "Samsung heir Lee sentenced to W70m fine for illegal use of propofol". The Korea Herald. Retrieved October 26, 2021.
  44. ^ "Samsung scion Lee Jae-yong convicted, fined over $80,000 for illegal use of sedative". The Straits Times. October 26, 2021. ISSN 0585-3923. Retrieved October 26, 2021.
  45. ^ "Daesang Group heiress promoted to vice chairwoman". The Korea Times. March 29, 2021. Retrieved December 19, 2022.
  46. ^ "Samsung Electronics head's ex-wife and actor's romance going strong". The Korea Times. April 7, 2019. Retrieved December 19, 2022.
  47. ^ White, Edward; Jung-a, Song (February 7, 2021). "Samsung's biggest challenge: 'The Lee family has to reform'". Financial Times. Retrieved March 25, 2022.
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