Lee Jae-yong on appointment as Samsung chairman

Samsung Electronics has officially appointed third-generation heir Lee Jae-yong as executive chairman. Lee's promotion is partially symbolic as he has headed the Samsung group in his capacity as the electronics company's vice chairman since 2014.
Samsung's announcement that Lee is its new chairman came shortly after the company reported a 31% drop in profit for the three months through September, its first year-to-year decline in quarterly profit in nearly three years. During a meeting with Samsung's top executives Tuesday, Lee said the company was at a "pivotal moment" that required swift and bold moves.