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Samsung chairman steps down

Lee Kun-Hee, who led Samsung for 20 years, is giving up his position at the company amid tax fraud accusations, according to Reuters.

Lee Kun-Hee
Lee Kun-Hee

Samsung Chairman Lee Kun-Hee is stepping down after 20 years at the company's helm, according to the Reuters news service.

Lee was indicted last week on charges of evading taxes on billions of dollars he hid in stock accounts under the names of his aides. Nine other Samsung executives were indicted on charges similar to Lee's, though nobody was arrested. Four other top executives quit Monday, according to Reuters, including the heads of Samsung's strategic division, Samsung Fire and Marine Insurance, and Samsung Securities.

Lee's son and heir apparent, Lee Jae-yong, will also step down from his current post but will continue to work for the company in an unspecified role, Reuters wrote.