Samsung Electronics CEO resigns, says company is in "unprecedented crisis" ars_ab.settitle(1186199)

Samsung Electronics CEO resigns, says company is in

Samsung Electronics chief executive and vice chair Kwon Oh-hyun has announced his resignation from the company, describing the company as suffering from an 'unprecedented crisis inside out'.

A large part of Samsung's recent success stems from Kwon's leadership of Samsung's components and display business, which not only provides the screens, memory, and other components in its own devices, but also supplies parts to many of Samsung's biggest competitors, including the OLED display on Apple's iPhone X. While Samsung was battered previous year following the Galaxy Note 7 debacle, it seems to have bounced back and will soon announce a much rosier financial position. Kwon will leave the company in March 2018.

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

The abrupt departure of Kwon, who had been acting head of the tech conglomerate since its de facto leader, Lee Jae-yong, was detained for a bribery trial, throws Samsung into yet another leadership vacuum. But in his resignation letter Kwon explained that because Samsung is facing "unprecedented crisis inside out", the time has come for the company to "start anew, with a new spirit and young leadership".

Samsung has two other CEOs, each overseeing its mobile phone business and home appliance division. He also has served as the CEO of Samsung Display since 2016.

Earlier Friday, Samsung said its July-September operating profit almost tripled over a year earlier to a new record, putting it on track to report its best annual financial results.

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Samsung did not name a successor to Kwon.

"The company has been riding a global semiconductor boom", he said, adding the semiconductor business alone is believed to have contributed 10 trillion won to the operating profit. Gee-sung stepped down after it become know he was allegedly involved in Lee's bribery scandal, according to Reuters.

However, in a sign of good news for the company, its estimated operating profits for the third quarter of 14.5 trillion won (US$12.8 billion) marked a record for quarterly profit, almost tripling the 5.2 trillion won earned a year earlier.

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 yesterday closed 1.46 percent down on heavy profit-taking.

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