Lee Kun-hee, the Samsung Group’s chairman who was indicted on tax evasion charges, announced that he would step down after 20 years of leadership. He had survived the previous corruption scandals and even a conviction on bribery charges in the 1990s to hold on to his chairmanship.
It remains unclear who will succeed him. His son and heir, Lee Jae-yong, will also resign as an executive at Samsung Electronics, the world’s largest maker of computer memory chips and a major producer of cellphones. He will work in overseas outposts “building up his market experiences,” the company said.
After a three-month investigation, a special counsel with a parliamentary mandate indicted Mr. Lee and nine other Samsung executives recently on charges of tax evasion and breach of trust. If convicted, Mr. Lee could face up to life in prison. (AP)