Receive Breaking News updates as they occur
Samsung heir apparent J.Y. Lee took a major step towards control of the family-run conglomerate on Thursday, joining the board as the company reported a 30 percent profit plunge following a highly damaging recall crisis. The move is being seen as a coronation of sorts of the 48-year-old Lee, who is already vice chairman of Samsung Electronics and has seen his influence grow since his father, Samsung patriarch Lee Kun-hee, suffered a heart attack and was hospitalised in 2014. "Mr. Lee's election to the board will allow him to more actively participate in and take formal responsibility for the company's important decision making, contributing to creating long-term, sustainable value for all of our stakeholders," board chairman Kwon Oh-Hyun said.