A pile picture on Samsung Electronics vice chairman J.Y. Lee.[Yonhap News Photo]
South Korea's largest conglomerate, Samsung Group, has evicted about 5,700 employees this year from five subsidiaries through a voluntary redundancy package, like other conglomerates which have actively pushed for corporate restructuring and job cuts to improve their financial structure.
Job cuts have been made through early retirement or voluntary severance offered by the group's five units involving Samsung SDI, Samsung Electro-Mechanics, Samsung Heavy Industries, Samsung Engineering and Samsung C&T, according to their regulatory filings.
Under the leadership of Samsung Electronics vice chairman J. Y. Lee, the only son of bed-ridden group chief Lee Kun-Hee, 74, the family-run group has streamlined its bloated structure.
Since Lee Kun-hee was hospitalized in May 2014, his 48-year-old son has carried out a quiet but resolute shakeup of top group executives to bolster his group-wide control and pave the way for his office debut as group leader.
Aju News Lim Chang-won = cwlim34@ajunews.com
reporter
Park Sae-jin
swatchsjp@ajunews.com
