Word: sonly
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...departure (his top lieutenant, wife, and son and heir apparent also resigned positions at Samsung) may finally allow that process to begin - and could set a precedent throughout Asia, where family-run companies have long resisted transparency and greater accountability. As a major shareholder, Lee may continue to influence Samsung. But his decision to resign, even before a trial, for the greater good of the company he ran is an unprecedented act in South Korea and is an example that business leaders throughout Asia may find hard to ignore. When Lee announced he was stepping down in a televised speech...
...Royall left the West Indies in 1732 to retire to his beloved Medford, Mass. Seven years later, he died and left his fortune—and his Caribbean sugar plantation—to his son, Isaac Royall...
...symbol of the difficulties Korea's major corporations have faced in modernizing their management practices. A shadowy figure rarely seen in public, Lee was treated as a demigod by Samsung employees but his actual role in managing the company remained opaque. Through complex networks of cross-shareholdings, Lee, the son of Samsung's founder, played a dominant role in directing the activities of the giant Samsung group of companies, with dozens of affiliates in insurance, securities, heavy industry, chemicals and even hotels. Samsung wields tremendous economic and political influence in South Korea. Its companies account for some...
...holding company to clarify their shareholdings. Samsung has improved its corporate governance by, for example, allowing more independent directors, but the presence of Lee remained a question mark over its progress. Some of the current charges against Lee relate to allegations that he tried to pass control to his son through dubious financial deals...
...resignation throws into question the future of the powerful Lee business clan. As a shareholder in Samsung affiliates, Lee holds the loyalty of many Samsung executives, and he is unlikely to vanish from the scene. He was widely expected to attempt to pass control of Samsung to his son, Lee Jae Yong. But that is looking increasingly difficult. The younger Lee resigned from his position as Samsung Electronics' chief customer officer though he will be given a new, yet-to-be-defined role in developing overseas business...