Samsung chief Kwon Oh-hyun steps down

Samsung chief Kwon Oh-hyun steps down

Kwon is also leaving his position as chief executive of Samsung Display, which he has held since 2016. He was arrested earlier this year on multiple charges of bribery, embezzlement, and perjury, and was ultimately sentenced to 5 years behind bars.

"Because we are faced with an unprecedented crisis, I believe that the time has come, to a company headed by new leadership in order to better respond to the challenges arising in the rapidly changing IT industry", he said.

Kwon added the company is facing a grave situation despite it making record-breaking earnings.

Despite posting record revenue for the quarter, electronics giant Samsung is struggling. "But (at the moment) we are hard pressed to read future trends and find new growth engines", Kwon said.

He's stepping down even though Samsung's business remains robust. The decision surprised many across the world as he chose to step down despite record profits.

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While expressing concern that the company was "confronted with unprecedented crisis inside out", alluding to the conviction of its leader, Kwon said he hopes his resignation can be a good opportunity for the company to turn things around and make bold attempts at innovation.

Kwon also shared his sense of pride and honor with his employees, thanking them for their dedication and commitment to Samsung.

With its de facto leader gone, Samsung is clearly struggling at an executive level - and now it has lost vice chair and chief executive Kwon Oh-hyun, generally regarded as the second-most important person at the company behind Lee Jae-yong. This business generates more profits compared to smartphone and other businesses. As well as being chairman of the board and a board director, he heads the components business - including memory chips - and the display business.

Samsung Electronics Co Ltd said on Friday its third-quarter operating profit likely almost tripled from a year earlier to a new record, beating analyst estimates, as strong memory chip prices fattened margins.

For its bottom-line boost, the company credited the success of its Galaxy S8 smartphone, along with strong memory-chip sales.

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