Former Samsung chairman rules out imminent return to management

LAS VEGAS, Jan. 9 (Yonhap) -- Former Samsung Group Chairman Lee Kun-hee said
Saturday that he has no immediate plan to return to management at South Korea's
largest conglomerate.

Lee said in a meeting with reporters here that he will spend time studying the
future of Samsung, as well as its new business ventures.
Lee also said he will join force with the South Korean people and government to
help a 2018 Winter Olympics bid by the South Korean city of PyeongChang.
Asked when he plans to return to management, Lee said such a move is "still far
away," without denying the possibility itself of returning to the group's top
management post.
Lee, who turned 68 on Saturday, met with Korean reporters during his visit to the
venue of the International Consumer Electronics Show in Las Vegas.
He arrived in the U.S. last Wednesday on his first overseas trip following his
special year-end pardon by President Lee Myung-bak in December.
Lee had served as Samsung chairman for 20 years and stepped down from the group's
top management post in April 2008 after he was indicted for causing losses at
Samsung companies and for failing to pay taxes.
Lee then voluntarily gave up his rights and duties as an International Olympic
Committee (IOC) member following his conviction linked to the tax evasion scandal
in 2008.
But President Lee granted a special pardon to the former Samsung chief, citing
the need to boost PyeongChang's Olympics bid.
The former Samsung chairman spoke on the outlook for PyeongChang's bid at the
meeting with reporters here.
"Nobody knows. I truly don't know. It is difficult to imagine," he said, when
asked to gauge the chance of PyeongChang's success. Lee also disclosed that he
met several former and incumbent IOC members over dinner in Las Vegas.
Accompanied by his wife, son and two daughters at the Las Vegas convention
center, Lee was not reluctant to show his confidence in Samsung over its Asian
rivals.
"I do care (what the Japanese companies are doing), but am not afraid of them,"
said Lee while visiting exhibition booths of the Japanese electronics makers,
such as Sony Corp. and Panasonic Corp.
"I feel heavy burden as (Samsung) generates bigger profits than 10 Japanese major
electronics firms combined.... We are ahead of them in terms of the fundamentals
and designs. The leadership role won't be changed easily."
In early 2007, when Lee was still chairman, he warned that Samsung could be
"sandwiched" between high-tech Japanese and cheap-labor Chinese rivals.
This time, he seemed less concerned about the possibility.
"It will take some time for China (to catch up with Samsung)," said Lee, asked
about challenges from the Chinese manufacturers.
ygkim@yna.co.kr
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