Lee Jae-yong to head 2 Samsung foundations

By Yoon Sung-won

Vice Chairman Lee Jae-yong

Samsung Electronics Vice Chairman Lee Jae-yong has been named the new head of Samsung Group’s two public service and cultural foundations.

The Samsung heir will succeed his father, Lee Kun-hee, who has been unable to work as chairman of the Samsung Life Public Welfare Foundation and the Samsung Foundation of Culture since a heart attack on May 10 last year.

With the appointment to chief of the nation’s largest conglomerate’s public services and cultural business, the succession process of the group’s control to the Samsung heir is expected to speed up.

“The incoming chairman understands the purpose of the foundations’ establishment better than anyone,” the foundations said Friday. “We anticipate he will succeed and lead Samsung Group’s management philosophy and willingness to contribute to society.”

The Samsung Life Public Welfare Foundation said its board of directors decided to appoint Jae-yong to the chairmanship when his father’s term expires on May 30. Lee Kun-hee’s term at the Samsung Foundation of Culture expires on Aug. 28, 2016.

Jae-yong will take office on May 31 at both foundations.

The two foundations are among four Samsung foundations, alongside the Samsung Welfare Foundation and the Hoam Foundation. Samsung Life Insurance Chairman Lee Soo-bin chairs the Samsung Welfare Foundation and former Sogang University President Sohn Byung-doo heads the Hoam Foundation.

Established in 1982, the Samsung Life Public Welfare Foundation has operated Samsung Medical Center in Seoul, charity programs such as a childcare business and an integrated elderly welfare center called Samsung Noble County.

The Samsung Foundation of Culture was established by the late Lee Byung-chul, the founder of Samsung Group, in 1965.

The foundation operates cultural facilities including Samsung museum Leeum in Hannam-dong, Seoul; art gallery Plato and the Hoam Art Museum. It also supports young artists and various cultural contribution programs to nurture art students and to promote the nation’s culture overseas.

The Samsung Life Public Welfare Foundation holds a 2.2 percent share of Samsung Life Insurance. The Samsung Foundation of Culture owns 4.7 percent share of Samsung Life Insurance, 3.1 percent of Samsung Fire & Marine Insurance, 0.8 percent of Cheil Industries, 0.6 percent of Samsung SDI, 0.3 percent of Samsung Securities and 0.1 percent of Samsung C&T.