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Jay Y. Lee

Samsung heir pledges not to hand over the company’s control to children

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Samsung heir apparent and current VP, Jay Y. Lee, has pledged that he won’t pass the company’s control to his children, and has also apologized for his past wrongdoings that include allegations of bribery and embezzlement. This is a huge announcement, considering the fact that Samsung has so far been led by members of the same family since its foundation.

“I do not plan to pass down my role to my children. This is something I have thought about for a long time but have been hesitant to express it openly,” Lee was quoted a saying by Reuters. “I give my word here today that from now on, there will be no more controversy regarding succession,” he added.

To recall, Lee also had to serve a one year sentence over charges of bribery and was also criticized for allowing his executives to sabotage labor union activities at Samsung. “Samsung will strictly comply with the labor laws and ensure labor rights, while nurturing a healthy labor union culture,” Lee assured while talking about labor rights at the historically ‘anti-labor union’ approach of Samsung.

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Source: Reuters

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