SEOUL, Dec. 3 (UPI) -- South Korean electronics giant Samsung Lee said Jae-yong, a grandson of the company's founder, had been promoted to president.
Lee, son of Chairman Lee Kun-hee, will also continue with his job as the firm's chief operating officer, Yonhap reported Friday.
The younger Lee started working for the company in 1991 and has been steadily groomed to take over as chairman when the elder Lee retires, Yonhap said.
The younger Lee has a masters of business degree from Keio University.
Samsung also reported nine other executive promotions Friday, including naming the chairman's oldest daughter Lee Boo-jin to the position of president and CEO of Hotel Shilla Co. and president of holding company Samsung Everland Inc.