Heir of the Samsung Electronics Won’t Seek extension as Director of the Board

It was reported on Friday that the heir of Samsung Group, Jay Y. Lee shall not be seeking an extension for his term as the Samsung Electronics’ director of the board.

This month, a South Korean court shall be reviewing the suspended jail sentence of Lee regarding bribery linked to their former President Ms. Park Geun-hye.

An anonymous high-level Samsung official said that apparently, he thought it would be better if he left the post of the directorate considering his circumstances and the ongoing trial.

However, Lee shall remain the vice-chairman of the company, Samsung Electronics that is the most successful business in the largest chaebol of South Korea.

In August, the Supreme Court of South Korea said that the case should be dealt with a lower court, increasing the possibility of a rather tough sentence as well as a potential return to jail.

At present, the former President of South Korea, Park Geun-Hye is also serving a jail term because of bribery that had involved her friend, Choi Soon-Sil’s influence-peddling. Her friend too is serving jail time because of a scandal that concerns many business leaders.

Lee, the only son of Lee Kun-hee, the Chairman of Samsung Group was elected in the year 2016 to be part of the board.

Lee was arrested in February of 2017 and sentenced to five-year prison time. He had to spend a year in jail before his sentence was reduced by half and he got suspended and was released.

His term as the director of the board will expire next month unless the shareholders and the board decided to extend his contract.

Samsung Electronics has not responded to the request for immediate comment.

, , ,
Shreyas Tanna

Shreyas Tanna

The winner of the title Mr. Pune 2009, Mr. Shreyas Tanna is currently the young, dashing, and dynamic CEO of a market research company called ResearchNReports in Pune. Fondly known as RNR, the company specializes in market research as well as industry analysis, and is closely associated with its parent company Absolute Market Insights (AMI). Mr. Shreyas Tanna began his corporate journey as the Head of Corporate sales & PR at RED Entertainment while pursuing his degree for MMS (Marketing) from the MGM College of Management, Mumbai. After accomplishing the tedious task of balancing his work and education, he further polished his skills in Corporate Sales, Public Relations, Channel Development, Global Client Engagement, Strategic Consulting, and Brand Development by working with HDFC Life and Researchmoz Global Pvt. Ltd. His dedication towards his work has even won him accolades such as the National Level Performer 2013 – HDFC Life and Mr. Research Moz 2015. A disciplined individual with a loving heart, he is often seen taking crisp walks with an engrossed look and a gentle smile within the premises of his company to interact with the various departments. And he will be usually followed by an adorable trail of his beloved trio of Shih Tzu babies proudly known as Gucci, Drake, and Paris. The most enticing thing that you will notice about this content and proud pet parent is his infectious positivity and the firm belief in his eyes, a reflection of his favorite quote, “LIFE IS BEAUTIFUL!”