Lee Jae-yong goes up to the dyno … returning right after the funeral

On the afternoon of the 28th, from Jangji, the late president of Samsung, Lee Kun-hee in Seonsan, Suwon-si, Gyeonggi-do, Seo-Hyun Lee, president of the Samsung Welfare Foundation (from left), Boo- Jin Lee, CEO of Hotel Shilla, Vice President of Samsung Electronics Lee Jae-yong, and Leeum Art Museum, Hong Ra-heange, will move to Leeum Art Museum, Hong Ra-heange. 2020.10.28 [사진=연합뉴스]

Jaeyong Lee Samsung Electronics(57,500 -1.03%) Vice President Lee Kun-hee, father of Samsung Electronics President Lee Kun-hee, returned to work immediately after finishing the family home for four days. It can be interpreted that the company has shown its willingness not to be able to delay the return for a moment in a situation in which market uncertainty increases.

According to the business world on the 29th, Vice President Lee Jae-yong returned to work uninterrupted after the late President Lee Kun-hee’s funeral, which ran until the day before, beginning with Samsung Electronics’ third-quarter results. announced the day and reporting major issues. On this day, Vice President Lee Jae-yong is said to have absorbed the daily work schedule while dealing with current issues and market trends that occurred during the funeral.

In the business world, Vice President Lee Jae-yong is expected to return to management around the founding anniversary on the 1st of next month, after taking a break. However, it seems that they have rushed back to work so that they can make a quick decision on the business matters accumulated over the last four days.

There are many mountains to overcome in the face of Vice President Lee Jae-yong, who will lead Samsung in earnest. Amid unpredictable domestic and foreign conditions, the US-China trade conflict, and corona 19 (a new coronavirus infection), etc., increase management uncertainty, artificial intelligence-centric electronic components (AI), 5G (fifth generation communication), bio and semiconductors, etc. Four new businesses should be focused.

In fact, it achieved good results such as a new sales record in the third quarter and an operating profit recovery in the range of 10 trillion won, but this day’s earnings call (conference call) predicted a drop in profitability. in the fourth quarter of this year. It means that the market situation can be difficult until the end of the year.

The legal risks must also be overcome, starting with the so-called ‘Gukjeong Nongdan’ case and the alleged illegal succession of management rights. On the 9th of next month, there is a trial date for the ruling and repatriation of the Gukjeong Nongdan case, which Vice President Lee Jae-yong must attend.

The problem of shared inheritance to be solved by the head of the family, including Vice President Lee Jae-yong, is also difficult. The entire family must complete the governance structure by the end of April next year, and report and pay the 10 trillion won in inheritance tax after inheriting shares. It is noted that the change in the governance structure of the Samsung Group is inevitable depending on how President Lee Kun-hee inherits the stake, amounting to 18 trillion won, in its affiliates.

Both inside and outside the group are paying attention to Vice President Lee Jae-yong’s message that will come out at the founding ceremony of Samsung Electronics on the 2nd of next month. Samsung Electronics decided to hold a groundbreaking ceremony the next day, considering this year’s founding anniversary (November 1) to be one weekend and keeping in mind President Lee Kun-hee’s three-band festival schedule. Vice President Lee Jae-yong sent a message saying, “Let’s make a 100-year company,” through a video at the founding ceremony last year after President Lee fell in 2014.

The ceremony for the late president of the Samsung Group, Lee Kun-hee, was held privately in the auditorium of the Cancer Hospital of Seoul Samsung Hospital on the morning of the 28th, and was attended by grieving families, including the former director of the Museum of Art Leeum Hong Ra-hee, Vice President Lee Jae-yong of Samsung Electronics and Hotel Shilla President Lee Bu-jin. 2020.10.28 [사진=연합뉴스]

Kang Kyung-joo, Reporter Hankyung.com [email protected]

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