ã€Global Network Technology Reporter Chen Jian】October 13th, 2024 – Samsung Electronics has been in the spotlight again, but this time it's not about products or innovations. The tech giant announced that its CEO and Vice Chairman, Lee Jae-yong, has decided to step down from active management. Just hours before this announcement, Samsung had released its quarterly performance forecast, predicting record-high profits for two consecutive quarters.
In a statement, Lee said, “I have been thinking about this decision for a long time. It was not an easy choice, but I feel it's time to move forward. We've faced an unprecedented crisis, and now is the moment for the company to restart with fresh energy and leadership from the younger generation. I believe we need a new management team to better address future challenges. While we’ve achieved great results from past decisions, we still need to find new growth drivers by anticipating market trends.â€
Just yesterday, the vice president of Samsung Electronics, Lee Jae-yong, was involved in a bribery case that entered its second instance trial at the Seoul High Court. This marked his first public appearance in nearly fifty days. Samsung has stated it will appeal the verdict, hoping for an acquittal. Meanwhile, South Korean prosecutors argued the initial sentence was too lenient and also filed an appeal. Earlier, an independent investigation team had recommended a 12-year prison sentence for Lee.
During Lee’s detention, several key executives left the company. Many had hoped that Lee would guide Samsung through its current challenges. With over 39 years of experience at Samsung, including serving as CEO since 2012 and leading Samsung Display since 2016, his departure is a significant shift. However, he will not leave immediately; instead, he will remain until the end of his term in March 2018.
Recently, Samsung reported strong demand for memory chips, which led to a projected operating profit of 14.5 trillion won (about $12.8 billion), a 178% increase. Analysts suggest that this might be an ideal time for Lee to step down, as the impact on the company could be minimal given the current success. This development marks another turning point in Samsung’s history, as it prepares for a new chapter under different leadership.
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