The billionaire Samsung vice chairman, who is the son of former chairman Lee Kun-hee, made the announcement at a press conference in Seoul on Wednesday.
"This is something I have thought about for a long time but have been hesitant to express openly. It was because not only is the business environment difficult, but I felt it would be irresponsible to speak on succession issues when I myself have not been properly proven yet," he added. His father was left incapacitated by a heart attack in 2014.
Lee, who was jailed in 2017 after what many called the"trial of the century," also apologized for shortcomings in his leadership of the company. He was convicted of bribery linked to the company's succession and the downfall of former South Korean President Park Geun-hye. While Lee was freed from prison in 2018, his case gripped South Korea for months. It was part of a huge influence-peddling scandal that brought down the government of former President Park.
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