Samsung CEO, Kwon Oh-hyun, Resigns Due To 'Unprecedented Crisis'

Samsung Electronics CEO Announces Resignation Amid 'Unprecedented Crisis'

Samsung Electronics CEO Announces Resignation Amid 'Unprecedented Crisis'

Ltd. announced Kwon Oh-hyun, CEO and vice chairman, had made a decision to step down from his role on October 13, 2017.

Despite posting record revenue for the quarter, electronics giant Samsung is struggling.

Lee, who was found guilty in August of bribery, perjury and other charges relating to payments made by Samsung to the secret confidante of ousted president Park Geun-Hye, is appealing his five-year sentence and says he is innocent. Kwon's departure from Samsung makes way for a new management that can finish the company's delayed reshuffle of its top executives. He is expected to deliver his letter of resignation to Lee Jae-yong and the board of directors soon.

"It is something I had been thinking long and hard about for quite some time", Kwon said in a Samsung announcement.

"I believe the time has come for the company to start anew with new spirit and young leadership to better respond to challenges", said Kwon in a statement.

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"Now, the company needs a new leader more than ever and it is time for me to move to the next chapter of my life", Kwon said.

The line about being confronted with an unprecedented crisis seems to imply that the corruption scandal involving Samsung's former de-facto leader Lee Jae-Yong had a significant impact on Kwon's decision to resign.

Samsung has two other CEOs, each overseeing its mobile phone business and home appliance division. Friday's personnel announcement came shortly after the company said it was expecting to log 14.5 trillion won ($12.8 billion) in operating profits for the July-September quarter, an all-time record and almost three times the 5.2 trillion won of the same period a year earlier.

"Samsung's CEO-level leadership has remained largely unchanged for past three years, which is like an eternity in the fast-changing tech industry", said the analyst.

Kwon first joined Samsung Electronics in 1985.

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Lee was arrested for bribery charges in February 2017. He also served as president and head of the System LSI Division and as president and head of the Semiconductor Business before becoming CEO of the company in 2012.

Kwon's resignation won't take into effect until March 2018, but Samsung will now have to find replacements to fill in the vacant roles in the company.

Despite the spectacular performance, CEO Kwon said the company was in the throes of an "unprecedented crisis" as he announced his intention to step down.

Shares in Samsung Electronics closed 1.46 per cent down Friday on heavy profit-taking.

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