Jay Y. Lee now fills the top position at Samsung Electronics.
Now serving as the company’s executive chairman, Samsung’s board said the company required “accountability and business stability.”
“The board cited the current uncertain global business environment and the pressing need for stronger accountability and business stability in approving the recommendation,” Samsung says in a press release.
Lee, the grandson of Samsung’s founder, has been to prison twice since 2017 following a bribery scandal. He received a presidential pardon in August, allowing him to take formal control of the company.
As The Verge reports, people already viewed Lee as the company’s leader following the death of a former executive, and Lee’s father, in October 2020.