Samsung hands vice chairman position to chairman’s son Lee Jae-yong

Samsung has promoted Lee Jae-yong, the only son of controversial chairman Lee Kun-hee, to vice chairman. The younger Lee is currently COO and president of Samsung Electronics, and is widely considered the most likely candidate to succeed his father as chairman. Fluent in English and Japanese, Lee Jae-yong is 44 years old and often goes by the name Jay Y. Lee outside South Korea.

If Lee Jae-yong does indeed become chairman, he would be the third generation of Lee to do so; the company was founded by his grandfather Lee Byung-chull in 1938. While many in Korea have expressed concern over the power held by the country’s family-run chaebols — a hot-button issue in the ongoing presidential election campaign — it would appear Samsung has no plans to break with its dynasty tradition in future.