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 had been break up in an effort to enhance transparency and independence following a corruption scandal involving Samsung group inheritor Jay Y. Lee.
In accordance with Samsung, Lee’s successor can be appointed within the close to future and his place could possibly be crammed 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 elements, cell and client electronics divisions are all members of the group’s board.
Lee Sang-hoon’s resignation comes at a time when Jay Y. Lee faces trial on costs that he bribed a good friend of former South Korean president Park Geun-hye in an effort to win authorities favor over succession planning at Samsung.
After going through criticism by a choose overseeing Lee’s bribery case over its lack of an efficient compliance system, Samsung and its associates just lately made the choice to nominate exterior consultants to a brand new oversight panel so as to eradicate legal conduct on the firm.
Again in December of final 12 months, Lee Sang-hoon was given a one to at least one and half 12 months jail sentence for sabotaging professional union actions, although he has since appealed the courtroom’s choice.
Samsung is predicted to carry a shareholder assembly in March at which era we’ll possible discover out who Lee’s successor can be.
By way of Reuters