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Monday, September 04, 2017

Samsung is 'a ship without a captain,' says co-CEO - CNET

"Samsung is a ship without a captain, a co-CEO of the company says, and that has him concerned.

Yoon Boo-Keun, the head of Samsung's electronics business, is worried about his company now that its leader, Jay Y. Lee, has been sentenced to five years in prison, he told Süddeutsche Zeitung at the IFA electronics show in Berlin.

"Nobody would get on a ship without a captain because you know it's dangerous," he said, according to the German newspaper. "We are on such a ship."

Yoon was in Berlin for IFA, where Samsung introduced three new wearables, a washing machine, cordless vacuum and various other electronics. Samsung's now best known for its phones, but it has a huge business selling other electronics, including TVs and home appliances. Yoon has overseen that business since 2012.

IFA came the week after a South Korean court said Lee would have to spend five years in prison for bribery and other charges. The 49-year-old has acted as de facto head of Samsung since his father, Samsung Chairman Lee Kun-Hee, suffered a heart attack in 2014. The younger Lee has been embroiled in the corruption scandal that led to the impeachment of now-former South Korean president Park Geun-hye. He's been detained since February, which has left Samsung without someone at the top."

Samsung is 'a ship without a captain,' says co-CEO - CNET

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