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Samsung CEO steps down amidst 'unprecedented crisis'

14 October, 2017, 00:40 | Author: Paula Vaughn
  • Samsung Electronics Vice Chairman Jay Y. Lee arrives at a court in Seoul South Korea

CEO of Samsung, which in 2016 "distinguished "exploding smartphone", Oh-Hyun Kwon on Friday, October 13, announced the resignation".

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

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

The "crisis" alluded to in the letter has largely been read as a reference to the imprisonment of Samsung's de facto leader Lee Jae-yong on bribery and corruption charges.

Kwon will remain in his role of chief executive until a replacement can be found, and will remain as chair of the board until March 2018.

"There are no words to describe how proud I am that we built together one of the most valuable companies in the world". Semiconductors were Samsung's top earner in the three months through June, making a whopping $7.20 billion.

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"He's been working for the position for long time, it's natural transition", Kim said.

Samsung has two other CEOs, each overseeing its mobile phone business and home appliance division.

Despite posting record revenue for the quarter, electronics giant Samsung is struggling.

In its earnings preview on Friday, Samsung put its July-September operating profit at 14.5 trillion won ($12.8 billion), compared with 5.2 trillion won ($4.6 billion) a year earlier. Doh Hyun-woo, analyst at Mirae Asset Daewoo Securities Co., said in a report that the release of new models, including the iPhone X by rival Apple Inc., could weigh on Samsung's mobile sales, but will also help its smartphones parts business.

Chung Sun-sup, chief executive of research firm Chaebul.com, added that concern about lack of leadership at a time when Lee is absent from management is evident, adding that the leadership changes also could be an opportunity for a new generation to emerge. Samsung hasn't given out information on the timing of succession, nor did it share who will take on Kwon's responsibilities when he leaves next year.

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