The new executive chairman of Samsung Electronics is betting on next-gen technologies amid weak chip demand, economic uncertainty.
. In 2021, he was paroled after serving 18 months of a 30-month sentence tied to the bribery conviction, which included a five-year employment ban. Then in August, Lee received a presidential pardon that cleared the 2017 conviction from his record.
In October, Lee became the executive chairman of Samsung Electronics, two years after his father, who had helmed Samsung group, the country’s biggest conglomerate,. Lee is still on trial in a separate case, charged with accounting fraud and stock price manipulation in relation to a 2015 merger of two Samsung affiliates that cemented his ownership of the conglomerate. He has denied the charges; Samsung declined to comment.
Weak chip demand hasn’t stopped the company from eying new investments with a recovery expected in the second half. The electronics giant in February borrowed 20 trillion won from its affiliate Samsung Display to use for working capital. In May, Samsung announced a five-year plan to spend 450 trillion won by 2026 to accelerate development of semiconductor, biopharmaceutical and other next-generation technologies to fuel growth. Under the plan, the group will create 80,000 new jobs.
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