South Korea's largest business group Samsung on Friday announced an executive reshuffle plan, according to which the only son of group chairman was promoted to president of Samsung Electronics, the company said.

An employee of Samsung Electronics smiles as he walks past the company's logo in front of its headquarters in Seoul January 7, 2010.  (Xinhua/Reuters File Photo)

Lee Jay-yong, current senior vice chairman and Chief Operating Officer (COO) at Samsung Electronics, was named new president as widely expected.

In mid-November, chairman Lee Kun-hee hinted at his son's promotion, responding positively when asked whether he is planning to promote his only son to president at a year-end personnel reshuffle.

Geesung Choi, current chairman and CEO of Samsung Electronics, stepped down to vice chairman post, while retaining the title as CEO.

Meanwhile, Lee Kun-hee's first daughter Lee Boo-jin, Hotel Shilla Executive Vice President, was also promoted to President & CEO of the company.

The reshuffle, at the same time, had Lee Boo-jin named new president of Samsung Everland Inc. and also an advisor to Samsung C&T Corp.

"Today's appointments are aimed at leading the way through the rapid changes of the 21st century. In particular, the moves highlight the intention to increase the role of young and innovative executive leadership, while providing impetus to the new growth businesses, to fulfill Samsung's vision," the company said in a statement.

The announcement came amid widespread speculation that the junior Lee is taking steps to inaugurate as chief of the Samsung Group, which became more convincible after the reshuffle.

The local stock market welcomed the report, with shares of Samsung Electronics soaring 3.38 percent to 888,000 won (776 U.S. dollars) as of local time 11:30 a.m. (0230 GMT).

VietNamNet/Xinhuanet