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

14 October, 2017, 00:26 | Author: Terri Saunders
  • Samsung Forecasts Record Q3 Profits As CEO Announces Resignation Amid 'Unprecedented Crisis'

However, Samsung's legitimate business would appear to be ticking over nicely, with the company revealing its financial forecasts for the rest of the year.

Samsung is expecting record profits for third quarter amid the high-flying memory chip prices.

Kwon is 65 and has been the face of Samsung in the absence of the company's de facto chief, Lee Jae-yong.

Previously, the company Samsung for the first time surpassed Apple in terms of revenue for the three months.

"The timing is nonsensical".

"We are fortunately making record earnings right now, but this is the fruit of past decisions and investments; we are not able to even get close to finding new growth engines by reading future trends right now". Kwon will also recommend a successor for his position, a Samsung spokesperson said. Although Jae-yong denied the charges, he was sentenced to five years imprisonment in August - the harshest sentence ever handed down to a chaebol leader, the Korean name for the country's giant family-run conglomerates.

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

In a letter sent to all employees, Kwon said that announcing his retirement was the most hard thing for him to do, but now was the right time and that he believes his decision is in the best interest of the company.

For its bottom-line boost, the company credited the success of its Galaxy S8 smartphone, along with strong memory-chip sales. 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 also not stepping down immediately from his two other roles.

Kwon's resignation announcement arrived the same day that Samsung predicted record profits for the second straight quarter. "It has not been an easy decision, but I feel I can no longer put it off", said Kwon.

The leadership changes also could be an opportunity for a new generation to emerge, he added.

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