Samsung paves way for son to take helm

Samsung Electronics Co nominated Lee Jae-yong to its board to allow the son of its ailing chairman to take a more active role in strategic decision-making.

Shareholders will be able to vote on his appointment at an investor meeting scheduled for October, the Suwon, South Korea-based company said in an e-mailed statement on Monday.

Chairman Lee Kun-hee has been hospitalized for more than two years after a heart attack in 2014, with his son gradually taking a more active role in the direction of the company during that time. Samsung is the world's biggest maker of smartphones, memory chips and TVs.