Samsung Beneficiary Makes History by Pledging to End Family’s Business Dynasty

Illustration for article titled Samsung Heir Makes History by Pledging to End Familys Corporate Dynasty

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There are a few things to understand about Samsung’s heir evident Lee Jae-yong and how his family runs the company– he does not make frequent media looks, apologies are unusual, and family succession is a provided. But in a press conference on Wednesday, Lee not just publicly < a data-ga="[["Embedded Url","External link","https://www.cnn.com/2020/05/06/tech/samsung-heir-jay-y-lee/index.html",{"metric25":1}]] href=" https://www.cnn.com/2020/05/06/ tech/samsung-heir-jay -y-lee/index. html "rel=" noopener noreferrer" target=" _ blank" > asked forgiveness for his role in a bribery scandal including succession strategies, however he also announced that he has actually chosen not to hand the company over to his children.

The apology was Lee’s first public statement in 5 years; the last was when he openly excused Samsung’smessed up handling of Middle East Breathing Syndrome at Samsung Medical Center, a health center in Seoul. On Wednesday, he also apologized for the business’s Korea Herald ” I have actually considered it for a long period of time, but was reluctant about making it public.”

Braking with tradition has big ramifications, not just for Samsung Electronic devices– the Samsung Group’s most treasured business– however likewise the 59 affiliates under the Samsung umbrella and the South Korean economy at big.

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