Samsung Electronics' de-facto leader Lee promoted to chairman

SEOUL, Oct. 27 (Xinhua) -- Lee Jae-yong, the de-facto leader of South Korean tech behemoth Samsung Electronics, was promoted to chairman, the company said Thursday.

Samsung said in a statement that the board of directors approved the appointment of Lee as executive chairman citing the current uncertain global business environment and the pressing need for stronger accountability and business stability.

Lee entered the tech company, a crown jewel unit of Samsung Group, South Korea's biggest family-run conglomerate, in 1991 and was promoted to vice chairman in 2012.

He has actually taken the helm of Samsung since his late father, Lee Kun-hee, died two years ago.

Earlier in the day, Samsung Electronics reported its third-quarter earnings with a double-digit fall in operating profit and net income.