SEOUL, Nov. 17 (UPI) -- Samsung Electronics Co. Chairman Lee Kun-hee said his son Lee Jae-yong would be promoted to president of the company.
The move is a clear step towards the younger Lee eventually leading South Korea's largest family-controlled conglomerate, Yonhap reported Wednesday.
Lee had been serving as Samsung's chief operating officer.
The move has been widely expected for years -- the younger Lee having joined the company in 1991. But the charted path for the family hit a snag when Chairman Lee was accused of transferring shares of Samsung Everland Ltd. to his son at less-than market prices. That case ended with a South Korea Supreme Court decision in May to uphold a not guilty verdict.
Lee senior, however, was also indicted on tax evasion and other charges and resigned from his chairmanship position in 2008. He returned to the job in March.
