Chairman Resigns as Co-CEO of Samsung Electronics

Samsung Group Chairman Lee Kun-hee resigned yesterday as co-CEO of Samsung Electronics.

The company yesterday announced that Lee submitted his resignation as co-CEO and director of Samsung Electronics to the board of directors.

He is still officially a staff member of the company, however.

Co-CEO Lee Hak-Soo also stepped down the same day.

The group and its electronics subsidiary said the resignations were internally completed without a vote by the board since both men voluntarily left their posts.

An executive of the Samsung Group said, “Although Chairman Lee resigned from his former posts, he is still registered as a staff of Samsung Electronics. Until the group’s corporate restructuring headquarters is dismantled at the end of June, he will be officially referred to as chairman, his current title.”

A source at Samsung Electronics said, “Chairman Lee’s bold decisions have put Samsung Electronics where it is today. It is certainly discouraging to see top executives leave, including Lee.”

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