Almost every online periodical you could get your hands on today has covered the resignation of Samsung chairman Lee Kun-hee. He is one of the most powerful businessmen in South Korea. Some might argue that he is THE most powerful businessman in Korea. Regardless, his stepping down means many things.
The Good.
It may spell more transparency within the chaebol-style mega-conglomerates that have dominated Korea's economy for the past half century. These chaebols are known for being secretive and intensely familial. So who knows what sort of practices have been going on behind closed doors. Samsung is definitely not the first to be ousted for tax evasion and other such shady maneuvers. I doubt it will be the last. The UK's Guardian called him "untouchable." And the fact that he has resigned hopefully means more regulation.
The Bad.
Who knows what this means for Korea's economy which is extremely dependent on Samsung. It is also understandable that the group's employees are also nervous wrecks waiting for the ball to drop. The company is definitely going to go through a major restructuring. The powerful Strategic Planning Office has been dismantled and key figures high in the hierarchy are following the chairman in stepping down. Hopefully the company will be able to continue to keep its place in the economy amid these changes.
The Beautiful.
Yes, this post is about Samsung's current woes. However, there are always silver linings. It seems that the news has not stopped this week's UK launch of Samsung's latest phone. It is called the Samsung Soul and it's gorgeous! Take a look and see why Samsung investors aren't rushing to sell their stocks just yet.
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