Samsung Chairman Lee Kun-Hee to step down

SEOUL: The chairman of South Korea's largest group Samsung announced Tuesday he will step down, just five days after being charged with tax evasion and breach of trust. "Today, I have decided to step down from the Samsung group chairmanship," Lee Kun-Hee, 66, told a nationally televised press conference.

Special prosecutors charged him last Thursday after a three-month probe into corruption allegations against the multinational.

They cleared Lee of bribery and said he would remain free pending trial. Lee's resignation came in a dramatic and unscheduled announcement at a press conference called to unveil reforms to the group.

The group said in a statement that the chairman would resign all his posts with Samsung.

Samsung would dismantle its powerful strategic planning office, a group of some 90 officials who have been accused of helping the chairman manage his hidden assets and transfer control of management to his son Jae-Yong.

Jae-Yong would step down as a chief customer officer of Samsung Electronics and work on overseas operations "in a tough environment," the statement added.