Lee Jae-yong has officially taken the helm of Samsung Electronics, a decade after being named the electronics giant’s vice chairman. 

The company's board of directors voted to promote Lee to the top post at a meeting on Thursday.

The board attributed its move to a pressing need for corporate accountability, to enhance management stability and to make intrepid executive decisions in the face of worsening conditions overseas.

Lee’s promotion comes after the Fair Trade Commission named him Samsung Group's de facto leader in 2018 and two years after the death of his father, Lee Kun-hee.

In a gathering held earlier on Tuesday to mark the second anniversary of Lee Kun-hee’s death, Lee noted the grim market outlook and the bleak reality that lies before the company.

The Samsung chief stressed the need to be more bold and willing to take on challenges in the face of difficult times, pointing to the devastating conditions facing the global market as well as businesses both at home and abroad.