Samsung chairman steps down from behind bars

Samsung’s board chairman Lee Sang-hoon, who was convicted and jailed for sabotaging union actions ultimate 12 months, has resigned from behind bars.

Lee Sang-hoon’s resignation comes decrease than two years after his appointment minimize up the chairman and chief govt roles on the South Korean agency for the first time. The roles have been minimize up in an effort to boost transparency and independence following a corruption scandal involving Samsung group heir Jay Y. Lee.

In accordance with Samsung, Lee’s successor shall be appointed throughout the near future and his place could very effectively be crammed by one in every of many remaining members of the company’s board which is made up of six exterior directors and three inside executives. The CEOs of Samsung’s components, cell and shopper electronics divisions are all members of the group’s board.

Govt shakeup

Lee Sang-hoon’s resignation comes at a time when Jay Y. Lee faces trial on costs that he bribed a pal of former South Korean president Park Geun-hye in an effort to win authorities favor over succession planning at Samsung.

After going by criticism by a determine overseeing Lee’s bribery case over its lack of an environment friendly compliance system, Samsung and its associates not too way back made the selection to appoint exterior specialists to a model new oversight panel with the intention to eradicate authorized conduct on the agency.

Once more in December of ultimate 12 months, Lee Sang-hoon was given a one to 1 and half 12 months jail sentence for sabotaging genuine union actions, though he has since appealed the courtroom’s selection.

Samsung is predicted to hold a shareholder meeting in March at which period we’re going to in all probability uncover out who Lee’s successor shall be.

By Reuters

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