The billionaire vice president Samsung, who is the son of former President Lee Kun-hee, made the announcement at a press conference in Seoul on Wednesday.
“I’m not going to pass on my role to my children” young Lee, also known as Jay Y. Lee, told reporters.
“This is something I have been thinking about for a long time but I have been reluctant to express openly. It was because not only is the business environment difficult, but I felt it would be irresponsible to talk about succession issues when I myself had not been properly tried yet. “, he added. Her father was left incapacitated due to a heart attack in 2014.
Samsung is the largest conglomerate in South Korea. Its joint operations are estimated to represent around 15% of the country’s entire economy. Samsung Electronics, the largest part of the group, is the world’s leading smartphone maker and a viable supplier of memory chips and display screens.
Lee on Wednesday acknowledged that Samsung has “failed, sometimes, to meet the company’s expectations.” He discussed some of the controversies that the company has faced in recent years, including controversies over union formation and its criminal trial.
“This was my fault,” said Lee. “I offer my sincere apologies.”
The executive’s comments come after Samsung’s independent compliance committee advised Lee to apologize for managing the succession and the job.
Lee’s comments came a few days after Samsung warned investors of the upswing in its business.
– Sherisse Pham contributed to this report.