Samsung’s Billionaire Heir Cuts out Children from Succession Plan

Jay Y. Lee might be the last of his powerful family to run South Korea's largest conglomerate.

The billionaire heir, in an apology for his firm's role in a political scandal, promised not to hand down leadership to his children. Samsung was founded by his grandfather and then led by his father.
The tycoon has been entangled for years in allegations that he used horses and financial contributions to win favor, via an intermediary, from a previous president.

Lee's apology may help burnish Samsung’s image, which improved after the electronics giant publicized a series of efforts to aid Korea in its battle against Covid-19.