KXIP vs KKR Live Score

Kwon Oh-hyun, one of three co-chief executives, cited the unprecedented crisis at the company in his resignation.

Kwon Oh-hyun said in a statement Friday that he will resign as the head of the company's semiconductor and component business and will not seek re-election on the board when his term expires in March.

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

Kwon had emerged as the public face of Samsung Electronics after Jay Y Lee, grandson of the company's founder, was detained on corruption charges and then sentenced to five years in prison in August amid a scandal that brought down South Korea's president.

In a letter to employees, Kwon noted that as the firm is "confronted with unprecedented crisis inside out, I believe that time has now come for the company start anew, with a new spirit and young leadership to better respond to challenges arising from the rapidly changing IT industry".

But the chip and display divisions led by Kwon fueled Samsung's stunning profit growth this year.

Samsung Electronics has not yet announced a replacement.

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

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

Samsung has two other CEOs, each overseeing its mobile phone business and home appliance division. But it could also encompass Samsung's recall fiasco with the Note7 smartphone past year, with the flagship smartphone having to be pulled off of market shelves due to a fire hazard with its charging mechanism. Indeed, the company expects record operating profits of about $12.8 billion for the third quarter. Gee-sung stepped down after it become know he was allegedly involved in Lee's bribery scandal, according to Reuters. Kwon has served as a vice chairman at Samsung Electronics since 2012 and also served as a senior executive at the company's display division since previous year. 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.


COMMENTS