Samsung’s CEO Kwon Oh-Hyun has just announced his resignation citing an unprecedented crisis that’s most likely linked to corruption charges and indictment levied against Lee Jae-Yong, the leader of the Samsung Group.
The trial of billionaire Lee Jae-Yong has just ended, and he was sentenced to five years in prison. It’s the end of a long process that also led to the impeachment of South Korea’s former president, Park Geun-Hye.
Samsung and its ruling bodies knew for some time that this is coming, as the trial which also involved Lee Jae-Yong has been going on for a while. Now that the trial has ended and the billionaire is going to prison, the CEO of Samsung has no other alternative on the table but to resign.
It’s also fair to say that Lee Jae-Yong wasn’t really involved in Samsung operations, so the resignation of its CEO is more of self-preservation, and has no relation to the trial itself.
Unprecedented crisis doesn’t sound good for business
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