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Samsung Electronics CEO Kwon Oh-Hyun Resigns, Says Company is Facing an 'Unprecedented Crisis'
Samsung Electronics CEO resigns, says company is in “unprecedented crisis” ars_ab.settitle(1186199);
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14 October, 2017

As we are confronted with unprecedented crisis inside out, I believe that time has now come for the company to start anew, with a new spirit and young leadership to better respond to challenges arising from the rapidly changing IT industry. In August, Lee was sentenced to five years in prison for corruption after he was found guilty of being involved in bribing the then-South Korean president, Park Geun-hye.

The chairman of Samsung Electronics' board of directors and one of the company's three chief executive officers says he will resign next year.

He's stepping down even though Samsung's business remains robust.

"But 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." added Kwon. Operating income nearly tripling to a record 14.5 trillion won ($12.8 billion) in the three months ended September, according to preliminary results.

Kwon Oh-hyun said in a statement Friday that he will resign as the head of the company's semiconductor and component business and will not seek re-election on the board when his term expires in March. While Samsung was battered past year following the Galaxy Note 7 debacle, it seems to have bounced back and will soon announce a much rosier financial position.

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Kwon's resignation announcement arrived the same day that Samsung predicted record profits for the second straight quarter.

Kwon Oh Hyun announced his retirement on October 13.

But Samsung did not celebrate the news for long, following up the rosy earnings guidance by announcing the resignation of a top executive. Sales are expected to weigh-in at around 63 trillion Korean won, while operating profit is forecast to be about 14.6 trillion Korean won.

Samsung posted an operating profit of 5.2 trillion won or $4.5 billion in the third quarter of fiscal year 2016. But it could also encompass Samsung's recall fiasco with the Note7 smartphone a year ago, with the flagship smartphone having to be pulled off of market shelves due to a fire hazard with its charging mechanism.


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