Samsung Chairman resigns

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Samsung Chairman resigns

Seoul (Korea) – Samsung Chairman Lee Kun Hee resigned today after being recently charged with tax evasion and breach of duty.  In a somber press conference, he, along with the heads of all of Samsung’s subsidiaries, apologized and bowed to reporters.  He then left the stage without taking any questions.

The resignation is just one of the titanic changes at Samsung.  Lee Jao Yong, executive in charge of Samsung Electronics, also resigned.  In addition, Samsung is disbanding the secretive Strategic Plannic Office which controls an estimated $5 to $6 billion in slush fund/bribery money.

Read more … International Herald Tribune.