Name: Jay Y. Lee: The crown prince of Samsung
Uploaded: 2015-07-22
Duration: 2 min 41 s
Description: Jay Y. Lee: The crown prince of Samsung

Jay Y. Lee: The crown prince of Samsung

Jay Y. Lee is the vice chairman of the Samsung Group in the 47 year old son of the legendary chairman of Samsung, whose name is K. H. Lee, the chairman of Samsung. J. Wiley's father had a heart attack in May 2014 and has been in the hospital since then. And so while J. Wiley's father is ill and out of action, he is the, uh, all but official leader of the sprawling Samsung Empire. Jay y Lee is taking over the Samsung Empire at a very interesting time. This is a company with many, many different listed entities, the best known of which is Samsung Electronics. But it's not the only one this company is in entertainment. It owns a hospital. It makes semiconductors, bio pharmaceuticals. The list is almost endless, and then the list of things that the Samsung Group and the Lee family is involved with in Korea and around the world is even larger. It is a critical transition time for Samsung because Samsung Electronics has been pinched in the smartphone business, pinched from above by the highly profitable Apple iPhone and pinched from below by many, many inexpensive Chinese manufacturers of cell phone. That said, Samsung remains the highest market share maker of Android phones, which is a very powerful position in the marketplace. Samsung is the ultimate Korean company, and yet it wants to be a truly global company. This is a difficult task, and Jay y Lee is ideally suited for the task. He's somebody who, since his birth, has been trained to be an internationally minded Korean executive who is often referred to as the crown prince of Samsung. J. Y. Lee's main challenge as the head of Samsung will be to transform Samsung from a Korean company to a global company based in Korea, and off cited figure is that Samsung accounts for more than 20% of the GDP of the South Korean economy. His job is to make Samsung less dependent on Korea and to make it more involved in the rest of the world.