Less than 15 months after Lee was released from prison for bribe-taking, he was elevated to the position of executive chairman.
Mr. Lee was released on parole in August 2021. The president pardoned Mr. Lee about a year later.
The conglomerate has been run by Mr. Lee since his father's death. Lee Kun-hee passed away in 2020 and his only son is still alive.
According to Forbes, Mr. Lee has a net worth of $7.2 billion, making him South Korea's second-richest man.
South Korea transformed its economy into an export powerhouse thanks to the family controlled conglomerates. One-fifth of the country's total exports are accounted for by the electronics unit.
The appointment of Mr. Lee was approved by the board of directors.
The recommendation was approved by the board due to the current uncertain global business environment and the need for stronger accountability and business stability.
Some argued that Mr. Lee's imprisonment caused uncertainty for the company at a time when it needed to make bold investments and acquisitions. According to local news media, Mr. Lee had delayed some strategic decisions.
For years, Mr. Lee has been in and out of court, stoking debate about the influence of big business on the political system, justice and the rule of law.
The father of Mr. Lee never spent a day in jail after being convicted of corruption. Mr. Lee has spent time in prison.
His legal problems are not over. He is accused of manipulating stock price and unfair trading. Mr. Lee has denied the accusations.
Choe Sang-Hun and Daisuke Wakabayashi worked on the report.
All Rights Reserved © 2024
