Samsung promotes chairman's daughter to president

South Korea's largest family-owned conglomerate, Samsung Group, on Monday promoted the group owner's daughter to president of its de-facto holding firm.

Lee Seo-hyun, the second daughter of group chairman Lee Kun-hee and vice president of Cheil Industries Co., was named president of fashion business at Samsung Everland Inc., Samsung said in a statement announcing its annual year-end reshuffle of top executives.

But there were no major promotions at Samsung Electronics Co., the group's flagship unit.

Samsung Everland now serves as the group's holding company, whose business portfolio is composed of three divisions: construction, leisure and fashion.

Lee Jay-yong, the only son of group chairman Lee, holds a 25.1 per cent stake in Samsung Everland, the operator of Everland, the country's largest amusement park.

His younger sister Lee Boo-jin, president of Hotel Shilla Co., a South Korean luxury hotel and resort operator, holds an 8.37 per cent stake.