Samsung has promoted the only son of chairman Lee Kun-hee to vice-chairman, putting him in pole position to take leadership of the world’s largest technology company by sales.

The new position for Lee Jae-yong is a reward for his “invaluable contributions to the unprecedented growth of Samsung’s smartphone and TV businesses”, the company said.Lee, 44, is the third generation of leadership at the South Korean business.

Samsung Electronics is the world’s biggest maker of mobile phones, televisions and memory chips, and the broader Samsung group covers shipbuilding, life assurance and leisure industries.

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