FILE PHOTO: The logo of Samsung Electronics is seen at its office in Seoul, south korea, south africa, South Korea, Jan. 7, 2019 at the latest. REUTERS/Kim Hong-Ji/Photo File
SEOUL (Reuters) – Samsung Electronics ‘ (005930.KS) said on Friday that board chairman Lee Sang-hoon, who was sentenced to prison in December for the sabotage of the activities of the european union, had offered to resign, without elaborating on the reason.
In a statement, the company said that its board of directors is scheduled to meet for the appointment of a new chairman in the near future. The move comes as Samsung is expected to hold an annual general meeting of shareholders is held in March.
As the chairman of the board, Lee will make decisions on important business execution, while the supervision of the management activities, according to the regulatory filing.
Samsung Group heir-Jay Y. Lee will be tried on charges that he was bribed by a friend of the former president, Park Geun-hye to win the government’s favor on succession planning in the clutch.
The Samsung Group has appointed an external expert to a new oversight panel, in order to stamp out the crime.
Reporting by Joyce Lee and Hyunjoo Jin; Editing by Clarence Fernandez and Kim Coghill