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Samsung promotes Lee Jae-yong to chairman in bid for 'stability'

Move comes as tech company's Q3 net profit fell 23% amid chip, smartphone slump

Lee Jae-yong has been promoted to chairman of  Samsung Electronics.   © Reuters

SEOUL -- Samsung Electronics said on Thursday it has appointed Lee Jae-yong as chairman of the global technology giant, promoting the grandson of the company's founder from vice chairman as the world's biggest maker of memory chips and smartphones faces slumping earnings.

Lee, who had served jail time over a bribery conviction but received a presidential pardon in August, now fills a position that had been vacant since the death of his father, Lee Kun-hee, in 2020. The appointment had been widely expected following the pardon.

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