Samsung officially announced Jay Y. Lee as its executive chairman on the same day it reported its third-quarter results. It’s primarily a symbolic step, given that Lee is already the de-facto CEO of the corporation. However, as Bloomberg points out, the designation may benefit Lee as he negotiates partnerships with other firms across the globe to boost Samsung’s semiconductor and biotechnology industries. Lee, who was sentenced to five years in jail in 2017 after being found guilty of bribing public officials, was granted a presidential pardon in August in order to assist South Korea in overcoming its economic crisis.
