Lee Kun-hee, a great Tycoon of Korean business, resigned as Chief Executive Officer of Samsung in April 28th. It is one of the most surprising social issues in Korea because Samsung has been an untouchable ‘thing’, especially its owner. He hadn’t planned to resign, but there was a whistle-blower in his company. Kim Yong-chul revealed that Lee had a great amount of hidden money in his personal account and had also committed tax-evasion and breach of trust which are serious problems in Korean society. Being exposed Lee’s charge made Koreans really angry and finally, the government of Korea summoned Lee to investigate every single thing about Samsung’s hidden stories. After a couple of weeks, Lee decided to take responsibility for his behavior. In his resignation speech, he announced that all of his family members(his wife, his son and himself) would resign from their positions and disband family-run systems of Samsung. With retreat of Korean Tycoon, it may influnce on many aspects of Korean society : not only economy but also politics and culture.
I’m interested in this issue because Samsung has a great power not only in Korea but also around the world. Lee Kun-hee’s leadership has been a big problem for years. However, no one has raised questions or complained about it. Now he has been kicked out by Koreans. I think this shows how mature Korean democracy is. We’re grown up enough to make a great tycoon fall. What’s more, I’m sure that Korean Chabol’s dynastic leadership from father to son will be changed sooner or later. Though Samsung will have a hard time innovating, they will have to face the fact that there is no ‘king’ anymore.
