April 20, 2024

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[THE INVESTOR] Korea's top conglomerate Samsung Group appears unlikely to hold any high-profile events this week to mark the anniversary of a landmark declaration of reform as its leader has been in jail over a corruption scandal that led to the ouster of former President Park Geun-hye.

On June 7, 1993, Samsung Group’s de facto head Lee Kun-hee pressed his employees to “change everything but your wife and kids,” as he sought to spearhead a new management strategy.

The announcement, dubbed the “New Management” initiative, has been considered a landmark event for Samsung‘s businesses’ strategies.

Samsung had celebrated the event in the past, but the anniversary has been more low profile since 2014, when Lee was hospitalized following a heart attack.

In 2015, the group aired a special report through its corporate broadcasting station. It also showcased quotes by Lee on its corporate website in 2016.

Lee's heir-apparent son Jae-yong was imprisoned earlier this year amid allegations that he was involved in the corruption scandal.

By Park Ga-young and newswires (gypark@heraldcorp.com)