Lee Kun-hee, 72, undergoes surgery after suffering from breathing difficulties that required him to be resuscitated.
The company has to ditch age-old business plans and ideas to remain competitive, Chairman Lee Kun-hee says.
Although a three-year prison sentence is suspended, South Korean court rules that Lee Kun-hee must pay a hefty fine, according to an Associated Press report.
Lee Kun-Hee, who led Samsung for 20 years, is giving up his position at the company amid tax fraud accusations, according to Reuters.
Samsung Chairman Lee Kun-Hee was indicted on charges of evading taxes and breach of trust, but was cleared of more serious bribery charges, according to news reports.