Samsung heir offers rare apology, won’t pass company control to children
Jay Y. Lee bowing in apology on May 6, 2020. | Photo by KIM HONG-JI/POOL/AFP via Getty Images
The heir-apparent to the Samsung Group, Jay Y. Lee, has apologized for his role in a succession plot that resulted in a bribery conviction, and for executives caught sabotaging attempts to organize labor at the company. Lee, the only son of the incapacitated Chairman Lee Kun-hee and grandson of founder Lee Byung-chull, also pledged that he would not pass control of the Korean dynasty to his children.
Until today, two things were thought to be true about Samsung: it doesn’t apologize unless things explode, and company control is a birthright of the Lee family. The break in tradition was an historic moment for the chaebol that got its start as a small grocery store in the 1930s, before rising to become a major international force...
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