Samsung heir Jay Y Lee will not sell the company to his children

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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, that was imprisoned in 2017 after what many called the “process of the century”, he also apologized for the shortcomings in his direction of the company. He was sentenced corruption linked to the succession of the company and the fall of the former South Korean president Park Geun-hye.

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.

While Lee was Freed Since prison in 2018, his case has gripped South Korea for months. It was part of a huge scandal that peddled the influence that brought down the government of former President Park.
Last August, the South Korean supreme court ordered a new trial for Lee, rekindling the case and raising concerns that the technology could be sent back to prison.

Lee’s comments came a few days after Samsung warned investors of the upswing in its business.

Last week, the company reported increasing operating revenues and earnings for the first quarter of the year, but also warned that the months ahead would be painful as the coronavirus pandemic disrupts global supply chains, damages demand. of smartphones and complicates the adoption of 5G technology.

– Sherisse Pham contributed to this report.

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