Lee Jae-yong, grandson of Samsung Group founder Lee Byung-chul and the group's de facto leader, was promoted to chairman of the group's crown jewel affiliate Samsung Electronics Thursday. His promotion was approved at a board meeting earlier in the day. The 54-year-old is the third chairman of the world's top memory chipmaker, succeeding his founder-grandfather and his father Lee Kun-hee. “The Board of Directors of Samsung Electronics today approved the appointment of Lee Jae-yong as executive chairman of the company. The board approved the appointment, which was recommended by Independent Director and Board Chairman Kim Han-jo,” Samsung Electronics said in a statement.