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Edition: U.S. Article Comments (0) Video Email Print Reprints Read WikiLeaks moves site to Switzerland amid U.S. fury 10:51am EST South Korea raises rhetoric against the North 8:54am EST Payrolls barely rise, jobless rate jumps 10:06am EST Top U.S. military officer presses China over North Korea 01 Dec 2010 Clinton says Iran, North Korea could spark arms races 7:35am EST Discussed 81 Saudi king urged U.S. to attack Iran: WikiLeaks 65 Obama to propose two-year federal worker pay freeze 64 Obama, Republicans in tax face-off at White House Watched Bejeweled bra exposed in NY Thu, Oct 21 2010 Row over vote orgasm video Fri, Nov 19 2010 Aerodynamics of flying snakes Thu, Dec 2 2010 Analyst Research Report Title Price Plunkett's Renewable, Alternative & Hydrogen Energy Industry Almanac 2010 Provider: Plunkett Research, Ltd. $299.0 Buy Plunkett's Renewable, Alternative & Hydrogen Energy Industry Almanac 2010 (Summary) Provider: Plunkett Research, Ltd. $149.0 Buy Entertainment & Media Industry Market Research and Competitive Analysis 2010 Provider: Plunkett Research, Ltd. $299.0 Buy Entertainment & Media Industry Trends, Statistics & Analysis 2010 (Summary) Provider: Plunkett Research, Ltd. $149.0 Buy Samsung Electronics Co., Ltd. (SSNLF.PK) Profile & Infotech Industry Trends Analysis 2010 Provider: Plunkett Research, Ltd. $49.0 Buy NYSE and AMEX quotes delayed by at least 20 minutes. NASDAQ delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here. Special Report Nissan-Renault turns over a new Leaf With this month's launch of the Leaf, Nissan-Renault hopes its electric vehicle will win green points and lift their brand images after years of trailing rivals such as Toyota and Honda -- a weakness that has grated at management for years. Full Article More Green Business news Samsung promotes heir apparent, shares hit record Tweet This Share on LinkedIn Share on Facebook By Miyoung Kim SEOUL (Reuters) - Samsung Electronics promoted its chairman's son, Jay Y. Lee, as president in a move that tightens the founding family's grip over the world's biggest memory chipmaker as it battles slower growth. Shares in Asia's... Factbox Founders of South Korea's powerful Samsung Group 8:56am EST Related Topics Hot Stocks » Asian Markets » Technology » Media » Stocks Related Video Samsung taps new president, shr peak 1:33am EST Jay Y. Lee, son of Samsung Electronics chairman Lee Kun-hee and the company's chief operating office, is seen in Seoul in this December 1, 2010 file photo. Credit: Reuters/Lee Jae-Won/Files By Miyoung Kim SEOUL | Fri Dec 3, 2010 8:56am EST SEOUL (Reuters) - Samsung Electronics promoted its chairman's son, Jay Y. Lee, as president in a move that tightens the founding family's grip over the world's biggest memory chipmaker as it battles slower growth. Shares in Asia's most valuable company, with a market capitalization of $120 billion, ended up 4.1 percent at a record on hopes the change may spur growth at a firm struggling to stop Apple's march in the smartphone market. But Samsung Chairman Lee Kun-hee, the country's richest man, may have made his biggest gamble yet by promoting his 42-year-old son, whom analysts say has yet to make his mark on the company. "With this management reshuffle, and the promotion of the younger generation of the controlling family, some clarity has been given in that investors get a sense of where the group and affiliates are headed," said Kang Sun-sik, senior fund manager at Woori Asset Management, which owns shares in Samsung Electronics. Almost as reclusive as his father, the younger Lee has long been viewed as being groomed to head the Samsung Group, founded by his grandfather in the 1930s. However, it won't be an easy task for Jay Lee to match the performance of his father, who has helped Samsung overtake Hewlett-Packard as the world's biggest technology firm by revenue and has reported record results each quarter this year, often beating even the most bullish street estimates. Samsung Electronics is 50 percent owned by foreign investors. The promotion of Jay Lee, the only son of chairman Lee, comes only a year after he was named executive vice president to take the newly created title of Chief Operating Officer in December last year. "He is expected to continue to strengthen the competitiveness of Samsung's strategic businesses and to lay the foundation for Samsung's future new growth businesses," Samsung said in a statement. Prior to Lee's promotion, his father, 68, has repeatedly said Samsung needs nimble management and young talents capable of dealing with fast changing markets and there would be a large-scale management reshuffle this year, signaling he would put a new face on the 41-year-old technology giant. The family-run chaebol structure spearheaded South Korea's rise to Asia's fourth-largest economy from the rubble of a war in just over a generation but its debt-fueled expansion was widely blamed for pushing the country to the brink of national default during the Asian financial crisis in the late 1990s. The model also came under attack for lacking transparency and creating slush funds, but its fast execution and bold investment plans enabled family-run businesses to stay ahead of the competition in the recent financial crisis. "Today's announcements are aimed at leading the way through the rapid changes of the 21st century... highlight the intention to increase the role of young and innovative executive leadership, while providing impetus to the new growth businesses," Samsung said. Lee, who has a bachelor's degree in East Asian history from Seoul National University, joined Samsung in 1991 but spent most of his time studying for an MBA from Keio University in Japan and the doctoral program at Harvard Business school before becoming a senior manager a decade later in 2001. The elder Lee returned as Samsung chairman in March, nearly two years after he stepped down following a legal scandal. He was granted a presidential pardon in late 2009 over a conviction for tax evasion. 1 2 Next Hot Stocks Asian Markets Technology Media We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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