Lee is just the latest South Korean corporate boss to run his business from behind bars, communicating decisions through visiting company executives. But his imprisonment is causing national handwringing over the future of the technology giant in the country sometimes called the “Samsung Republic.”
Lee runs Samsung as vice chairman. He’s also the country’s richest person. He is serving a 2 1/2-year sentence for bribing then-President Park Geun-hye and her close confidante, who are serving lengthier prison terms, to win government support for a 2015 merger between two Samsung affiliates that tightened his control over the corporate empire.The company posted a near 50% jump in operating profit and its $58 billion revenue was the highest ever in the first three months of the year.
“It’s not difficult for Lee to manage the company from prison through his visitors, and it’s not like he had ever run Samsung like an omnipotent king,” said Chung Sun-sup, chief executive of corporate analysis firm Chaebul.com. Even though Lee is the grandson of Samsung’s founder and is the family’s third generation helmsman of the company, important decisions are still weighed by the board, he noted.
Samsung should be considering bold moves, such as splitting its foundry business into a separate company and listing it on the U.S. stock market to ease the concern of clients, Lee said.
pressure is mounting? his imprisonment is causing national concern? are you freaking kidding me? how much did this guy get from samsung to write this fiction?
Corporations have become almost their own sovereign nations, rivaling the power and wealth of the governments who are supposed to oversee them. It should be no surprise that a Samsung prince can invoke sovereign/diplomatic immunity.
I guess nobody will notice disappearance of Samsung.
How about no and assign someone else to run the company?
You’re kidding me. Keep him in.
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Can we go somewhere today?
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