Samsung's 'crown prince' in focus as father hospitalized

Wed May 14, 2014 12:00am EDT
 
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By Miyoung Kim

SEOUL (Reuters) - Unassuming, media-shy and, as yet, unproven, Jay Y. Lee is the unofficial heir-apparent to lead Samsung Electronics Co Ltd 005930.KS, as the world's biggest technology group by sales approaches a crossroads after years of explosive growth.

The only son of Samsung's frail 72-year-old chairman Lee Kun-hee, Jay has been groomed for years to take over the sprawling South Korean family-run "chaebol", a conglomerate with interests spanning technology and insurance to shipbuilding and construction. Samsung Group's 2012 revenue of 380 trillion won ($371 billion) was more than a quarter of South Korea's nominal

GDP.

The younger Lee, 45, became Samsung's vice chairman in 2012 after a spell as chief operating officer in what appeared to be a well choreographed long-term succession plan. But his father's ill-health - Lee senior was hospitalized for a heart attack at the weekend has raised concerns over whether Jay is ready to take control.

"(Our) vice chairman is a strategic thinker and is very tenacious," said a senior Samsung executive, who didn't want to be named as he's not authorized to talk to the media. "He's been doing things that senior executives can't easily resolve on their own. For example, he spends a lot of time meeting key clients and then manages to cut a deal that would seem almost impossible."

"We've actually benefited significantly from his deal brokering and strategic decision making. He's been doing far more than what many people outside Samsung might guess. He's been learning for years from the chairman and has already been deeply involved in daily operations."

MEETING PEOPLE

Fluent in English and Japanese and dubbed the "Crown Prince of Samsung" by local media, Jay Lee has become the public face of Samsung in recent years, at meetings with corporate leaders, and politicians from China and the United States, building relationships for a group which had been regarded as secretive.   Continued...

 
Jay Lee, Samsung Electronics vice chairman, arrives for the first session of annual the Allen and Co. conference at the Sun Valley, Idaho Resort July 10, 2013. REUTERS/Rick Wilking