04/22/2008
Samsung Group Chairman Lee Kun-hee is quitting stepping down after 20 years as chief of South Korea's biggest conglomerate because of his indictment on tax evasion and other charges last week.
The move, announced to reporters by Lee himself on Tuesday, has been greeted with mixed feelings because of worries that Lee's absence may harm South Korea's economy.
The 66-year-old Lee, with about 30 Samsung executives standing nearby, apologized for “troubles to the nation” following an independent counsel investigation into the conglomerate's operations.
Lee took over the reins of Samsung two decades ago following the death of his father, the conglomerate's founder. He is one of South Korea's richest people, is widely regarded as its most influential business executive and serves on the International Olympic Committee.
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