South Korean businessman (born 1968)
Lee Jae-yong
(
Korean
:
李在鎔
; born June 23, 1968),
anglicized
as
Jay Y. Lee
,
[4]
is a South Korean
business magnate
who has been serving as the executive chairman of
Samsung Electronics
since October 2022.
[5]
He is the only son of
Lee Kun-hee
and
Hong Ra-hee
.
[6]
As of 17th April 2024, Lee has an estimated net worth of
US$
11.5 billion
, making him the richest person in South Korea.
[7]
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
.
[8]
Early life and education
[
edit
]
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
,
[9]
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
.
[10]
He attended
Harvard Business School
for about five years in pursuit of a
Doctor of Business Administration
degree, but did not graduate.
[11]
Lee is fluent in his native Korean, English, and Japanese.
[12]
Career
[
edit
]
Samsung
[
edit
]
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
[
edit
]
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.
[9]
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
[
edit
]
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 has 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
[
edit
]
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
[
edit
]
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
.
[9]
References
[
edit
]
- ^
"Samsung scandal: Who is Lee Jae-yong?"
.
BBC News
. March 9, 2017
. Retrieved
February 28,
2024
.
- ^
"임세령 李在鎔 夫婦, 離婚訴訟 中…事實上 別居狀態"
,
Star Seoul
(News), February 13, 2009
- ^
’
"둘째딸 낳은 三星電子 이재용 常務 夫人 임세령"
,
The Dong-a Ilbo
(News), May 4, 2004
, retrieved
July 22,
2016
- ^
"A Chinese Court Rejects Arrest of Samsung Heir Jay Y. Lee"
. Bloomberg L.P. January 18, 2017
. Retrieved
August 7,
2017
.
- ^
"Lee Jae-yong: Samsung appoints convicted heir to top job"
.
BBC News
. October 27, 2022
. Retrieved
October 27,
2022
.
- ^
"Samsung heir Lee Jae-yong arrested in South Korea"
.
BBC News
. February 17, 2017
. Retrieved
August 7,
2017
.
- ^
"#330 Jay Y. Lee"
.
Forbes
. Retrieved
April 17,
2024
.
- ^
"The World's Most Powerful People"
.
Forbes
.
- ^
a
b
c
"Jay Lee, Samsung's unassuming heir apparent"
.
Reuters
. December 5, 2016.
- ^
"李在鎔 三星電子 副會長의 꿈과 野望 (5)하버드대 經營大學院 最高 成跡 |"
.
www.hansbiz.co.kr
. Retrieved
January 23,
2024
.
- ^
"Samsung Low-Profile Heir Poised to Succeed Father Seen as a God"
.
Bloomberg.com
. August 26, 2014
. Retrieved
December 14,
2022
.
- ^
a
b
Kim, Miyoung.
"All Eyes Are On Samsung's 'Crown Prince'
"
.
Business Insider
.
- ^
Milian, Mark (December 5, 2012).
"How Samsung Is Developing Its Next-Generation Leader"
.
www.bloomberg.com
.
Archived
from the original on December 8, 2012.
- ^
"Samsung scandal: Who is Lee Jae-yong?"
.
BBC News
. February 5, 2018.
Archived
from the original on December 30, 2020
. Retrieved
December 30,
2020
.
- ^
Su-hyun, Song (August 19, 2021).
"[News Focus] Is Lee Jae-yong working at Samsung or not?"
.
The Korea Herald
. Retrieved
September 19,
2021
.
- ^
a
b
"Lee Jae-Yong dodges arrest on charges of bribery"
.
The Economist
. January 21, 2017.
- ^
"South Korea prosecutor to decide 'soon' whether to seek arrest warrant for Samsung's Lee"
.
Reuters
. January 13, 2017
. Retrieved
January 13,
2017
.
- ^
a
b
c
"Samsung heir Lee Jae-yong arrested amid bribery allegations"
.
The Telegraph
. Retrieved
February 17,
2017
.
- ^
"Samsung heir sentenced to five years in jail"
. ZDNet. August 25, 2017
. Retrieved
August 26,
2017
.
- ^
a
b
c
Youkyung Lee (August 7, 2017).
"Prosecutors ask court to imprison Samsung heir for 12 years"
.
Associated Press
.
- ^
"South Korea prosecutor seeks arrest of Samsung chief for bribery"
.
Reuters
. January 16, 2017
. Retrieved
January 16,
2017
.
- ^
Pham, Sherisse (January 16, 2017).
"South Korean prosecutors seek to arrest Samsung heir"
.
CNNMoney
. Retrieved
January 16,
2017
.
- ^
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
.
- ^
"South Korean court dismisses arrest warrant for Samsung chief"
.
Reuters
. January 19, 2017
. Retrieved
January 19,
2017
.
- ^
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
.
- ^
"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
.
- ^
a
b
"Samsung heir freed from S Korea jail"
.
BBC News
. February 5, 2018.
- ^
Thomas Ricker (August 25, 2017).
"Samsung heir found guilty of perjury, embezzlement, bribery"
.
The Verge
.
- ^
McCurry, Justin (August 7, 2017).
"South Korea prosecutors demand 12-year sentence for Samsung boss"
.
The Guardian
.
ISSN
0261-3077
. Retrieved
August 7,
2017
.
- ^
"Prosecutors seek 12-year sentence for Samsung's Lee Jae-yong"
.
BBC News
. August 7, 2017
. Retrieved
August 7,
2017
.
- ^
a
b
c
"Lee Jae Yong: Samsung heir gets prison term for bribery scandal"
. BBC. January 18, 2021.
- ^
Ricker, Thomas (February 5, 2018).
"Samsung heir Lee Jae-Yong released from prison on appeal"
.
The Verge
.
- ^
Elizabeth Koh,
Samsung Is Without a Leader as Jay Y. Lee Returns to Prison
,
Wall Street Journal
(January 18, 2021).
- ^
White, Edward (May 20, 2021).
"US companies lobby South Korea to free jailed Samsung boss"
.
Financial Times
. Retrieved
October 7,
2021
.
- ^
"U.S. companies lobby for pardon for imprisoned Samsung chip tycoon"
.
Marketplace
. June 8, 2021
. Retrieved
October 7,
2021
.
- ^
Tewari, Suranjana (August 13, 2021).
"Lee Jae-yong: Samsung heir released from prison on parole"
.
BBC
.
Archived
from the original on August 9, 2021.
- ^
Kim Jaewon,
Samsung chief Lee Jae-yong leaves prison on parole
, Nikkei (August 13, 2021).
- ^
Ron Amadeo,
Samsung's leader is out of jail, allowing US factory plans to move forward
,
Ars Technica
(August 13, 2021).
- ^
"
'I'm very sorry': Samsung tycoon released from prison on parole"
.
www.aljazeera.com
. Retrieved
August 16,
2022
.
- ^
"Lee Jae-yong: Why South Korea just pardoned the Samsung 'prince'
"
.
BBC News
. August 12, 2022
. Retrieved
August 12,
2022
.
- ^
Porter, Jon (August 12, 2022).
"Samsung heir pardoned for crimes, just like his father"
.
The Verge
. Retrieved
August 12,
2022
.
- ^
"Samsung Boss Lee Jae-yong Convicted, Fined for Anaesthetic Misuse in Latest Setback: Report"
.
News18
. October 26, 2021
. Retrieved
October 26,
2021
.
- ^
Yonhap (October 26, 2021).
"Samsung heir Lee sentenced to W70m fine for illegal use of propofol"
.
The Korea Herald
. Retrieved
October 26,
2021
.
- ^
"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
.
- ^
"Daesang Group heiress promoted to vice chairwoman"
.
The Korea Times
. March 29, 2021
. Retrieved
December 19,
2022
.
- ^
"Samsung Electronics head's ex-wife and actor's romance going strong"
.
The Korea Times
. April 7, 2019
. Retrieved
December 19,
2022
.
- ^
White, Edward; Jung-a, Song (February 7, 2021).
"Samsung's biggest challenge: 'The Lee family has to reform'
"
.
Financial Times
. Retrieved
March 25,
2022
.
External links
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