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emfizz.com October 19, 2017


Samsung forecasts bumper profits as CEO resigns amid 'unprecedented crisis'

14 October 2017, 12:25 | Jan Cross

Samsung CEO resigns

Samsung Electronics CEO Kwon Oh-Hyun Resigns, Says Company is Facing an 'Unprecedented Crisis'

Ltd. announced Kwon Oh-hyun, CEO and vice chairman, had chose to step down from his role on October 13, 2017.

His decision to resign comes at a time when the company tries to clean up its reputation amidst bribery case.

The prosecutors and Samsung lawyers sparred Thursday during a first hearing by the appeals court on the effort by Lee Jae-yong, Samsung's vice chairman and de facto leader, to have his five-year prison sentence overturned. Kwon said he will not seek re-election as a member of the board of directors and chairman of the board when his term ends in March of next year.

Even though Samsung reported its best-ever quarterly profit, Kwon said Samsung is confronting unprecedented crisis and needs a new leader more than ever.

"It is something I had been thinking long and hard about for quite some time".

His departure from office Oh-Hyun Kwon explained, "an unprecedented crisis", saying that the company in the current environment should lead to new leadership. "We have come a long way to create a company that truly changes how people live, work and communicate with each other", Kwon said.

The boost was driven by strong sales from Samsung's semiconductor business, which supplies memory chips for rival phone makers like Apple.

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Mr Kwon, 64, is seen as Samsung Group's No. 2.

A Samsung Electronics spokes-man declined comment on the exact timing of succession and potential successors for his roles.

Kwon joined the company in 1985 as a researcher of the company's Semiconductor Research Institute in the United States.

Yonhap Infomax data, based on research from 21 securities firms, also showed Samsung is expected to post an operating profit of 16 trillion won in the fourth quarter, up 74 percent from a year earlier.

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.

Samsung CEO Kwon Oh-hyun has announced his resignation from the company.



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