Samsung Just Announced Its New Chairman!

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On Thursday, an official announcement was made, and a name was decided, who would continue to lead Samsung.

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Jay Y. Lee has been named the executive chairman of Samsung.

Image Credits: nytimes.com

Following the announcements, Samsung shares increased by almost 1% in Seoul on Thursday.

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Since 2014, Lee, also referred to as Lee Jae-yong, has served as Samsung's de facto leader.

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Samsung plans to invest more than $350 billion in its companies and add 80K new positions over the next five years.

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The funds will mainly support industries like chip manufacturing and biopharmaceuticals.

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Samsung had record sales in the third quarter, they reached 76.8 trillion won, or almost $54 billion.

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Lee previously held the title of vice chairman of Samsung.

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