Most wealthy people leave the reins of the business to their children after their tenure. But the owner of the South Korean company Samsung has decided to keep the company’s future leadership away from familism.
Lee Jae-young, Recently announced that he would not hand over the company to his children in the coming days.
Who is also the son of former Samsung Chairman Lee Koon-hee, made the announcement at a press conference in Seoul.
“I have no plans to pass on my responsibilities to my children,” he said.
He said that although he had been expressing such views for a long time, he could not express them publicly. He said that in the past,
The business environment was unfavorable and it was inappropriate to talk about handing over the leadership until he was able to do so.
Yong has been running Samsung’s de facto chief company since 2014 when his father Lee became unwell due to a heart attack.
Remember that Samsung is the largest industry and business company in South Korea. Samsung’s business accounts for 15 percent of South Korea’s gross domestic product.
Samsung Electronics, the largest segment of the Samsung Group, is the world’s number one smartphone maker and a leader in the market for memory chips and display screens.