The billionaire Samsung vice chairman, who’s the son of former chairman Lee Kun-hee, made the announcement at a press convention in Seoul on Wednesday.
“I don’t plan to move down my function to my youngsters,” the youthful Lee, who’s often known as Jay Y. Lee, advised reporters.
“That is one thing I’ve thought of for a very long time however have been hesitant to precise brazenly. It was as a result of not solely is the enterprise atmosphere tough, however I felt it might be irresponsible to talk on succession points after I myself haven’t been correctly confirmed but,” he added. His father was left incapacitated by a coronary heart assault in 2014.
Samsung is South Korea’s largest conglomerate. Its mixed companies are estimated to account for round 15% of the nation’s total economic system. Samsung Electronics, the most important a part of the group, is the world’s main smartphone maker and an important provider of reminiscence chips and show screens.
Lee on Wednesday acknowledged that Samsung has “failed, at occasions, to fulfill society’s expectations.” He mentioned a number of the controversies the corporate has confronted in recent times, together with disputes over the forming of labor unions in addition to his personal prison trial.
“This has been my fault,” Lee stated. “I provide my honest apology.”
The chief’s remarks come after Samsung’s unbiased compliance committee suggested Lee to apologize over the dealing with of succession and labor.
Lee’s feedback got here simply days after Samsung warned buyers about rising headwinds for its enterprise.
— Sherisse Pham contributed to this report.