Samsung profits dive 30% following recall fiasco as heir apparent ushered in

Lee Jae-Yong joins the board of the electronics giant after Galaxy Note 7 smartphone fiasco brings a huge drop in third-quarter profits

Samsung's Lee Jae-Yong took a major step towards control of the family-run conglomerate on Thursday, joining the board as the company reported a 30% profit dive following the recall of its flagship Galaxy Note 7 handset.

The nomination was approved by an extraordinary meeting of Samsung shareholders, which also focused on the recall fiasco surrounding the handset that has hammered the reputation of the world's largest smartphone maker.