Unprecedented crisis! Samsung Electronics CEO resigns

Unprecedented crisis! Samsung Electronics CEO resigns, tfcmedia

Samsung Electronics CEO, Vice Chairman Kwon Oh-Hyun has announced his resignation. He planned to step down from management, CEO as well as his positions on the board in March 2018. He is one of the three co-chief executives of Samsung Electronics. Mr Kwon resigned citing an unprecedented crisis and the company lost its CEO and Vice Chairman. The world’s largest smartphone company projected operating profit has nearly tripled in the three months to the end of September. In a letter to employees, Kwon said, “It is something I had been thinking long and hard for quite some time. 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 his notice, Mr Kwon just mentioned unprecedented crisis, but he did not disclose exactly what the crisis is in his resignation letter. He is almost certainly referring to the Lee Jae-Yong prison sentencing earlier this year. Lee Jae-Yong was an heir to Samsung, and he was faced with a prison sentence of five years this past August for totalling bribes of $6.4 million USD with four other executives within the company. In his resignation letter, Kwon added, “There are no words to describe how proud I am that we built together one of the most valuable companies in the world. We have come a long way to create a company that truly changes how people live, work and communicate with each other. 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.”