Saturday, 16 December, 2017

Samsung Electronics CEO Announces Surprise Resignation

Samsung Forecasts Record Q3 Profits As CEO Announces Resignation Amid 'Unprecedented Crisis' Samsung Electronics CEO Kwon Oh-Hyun Resigns, Says Company is Facing an 'Unprecedented Crisis'
Jo Caldwell | 14 October, 2017, 00:27

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.

Kwon has been working as de facto head of the company following the imprisonment of the Samsung heir Lee Jae-yong.

The surprise resignation of Samsung's chip and display head came as he was expected to take a bigger role following Lee's arrest in February and the departures of other key executives in the wake of the bribery scandal. Lee was found guilty of bribery and other corruption charges in August.

"Samsung tipped record earnings, it is going to be better in the fourth quarter, and all that has been driven by Mr Kwon's components business", said Mr Park Ju Gun, head of research firm CEO Score. "It has not been an easy decision, but I feel I can no longer put it off".

Samsung expects sales in the three months ended September 30 to hit 62 trillion won ($54.9 billion).

"The results are good ones that largely meet market expectations", Dongbu Securities Co analyst Kwon Sung-ryul said.

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Still, Kwon's announcement was unexpected, especially with the company making record profit from its semiconductor business, and the group is now left without a leader.

Samsung has been seeking to move past a bribery scandal that saw Lee thrown into jail, and to overcome a damaging recall a year ago of its flagship Galaxy Note 7 smartphone over exploding batteries.

Samsung will lose another major executive soon.

Samsung Electronics says its third-quarter profit likely surged almost three-fold over a year earlier to a new record high.

Kwon joined Samsung in 1985 as a researcher in the company's Semiconductor Research Institute in the United States. Despite the trial, the company's business has remained robust, helped by strong demand for memory chips.

Mr Kwon would serve out his term as chairman of the board and board director until March next year, the company said.

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