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Samsung chairman steps down from behind bars

Samsung chairman steps down from behind bars

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

Lee Sang-hoon’s resignation comes lower than two years after his appointment break up the chairman and chief government roles on the South Korean firm for the primary time. The roles have been break up in an effort to enhance transparency and independence following a corruption scandal involving Samsung group inheritor Jay Y. Lee.

Based on Samsung, Lee’s successor might be appointed within the close to future and his place might be stuffed by one of many remaining members of the corporate’s board which is made up of six exterior administrators and three inside executives. The CEOs of Samsung’s parts, cell and client electronics divisions are all members of the group’s board.

Government shakeup

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

After facing criticism by a judge overseeing Lee’s bribery case over its lack of an effective compliance system, Samsung and its affiliates recently made the decision to appoint external experts to a new oversight panel in order to eradicate criminal conduct at the company.

Back in December of last year, Lee Sang-hoon was given a one to one and half year prison sentence for sabotaging legitimate union activities, though he has since appealed the court’s decision.

Samsung is expected to hold a shareholder meeting in March at which time we will likely find out who Lee’s successor will be.

Via Reuters

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