Samsung Electronics announced on February 14that that Lee Sang-hoo, its chairman, had offered to resign, according tomedia reports, but the company did not elaborate on the exact reasons for his resignation. In December, Mr Lee was jailed for breaching trade union activities.
Samsung Electronics said in a statement that its board plans to appoint a new chairman soon. In March, Samsung Electronics is due to hold a general meeting of shareholders.
During his tenure as chairman of the company’s board of directors, Mr. Lee also makes decisions on the execution of key businesses while overseeing and regulating activities, according to regulatory filings filed by Samsung.
Jay Y. Lee, the heir to Samsung Group, is also facing trial for allegedly bribing a friend of former South Korean President Park Geun-hye to win over the government to become the group’s successor.
Samsung Group has appointed outside experts in a new oversight panel to eliminate any criminal activity in the group.