Saturday, 21 October, 2017

Kwon bids adieu to Samsung Electronics Empire, says time for young leadership

Samsung Electronics CEO Kwon Oh-Hyun Resigns, Says Company is Facing an 'Unprecedented Crisis' Samsung CEO resigns
Javier Burns | 14 October, 2017, 00:58

Samsung Electronics chief executive and vice chair Kwon Oh-hyun has announced his resignation from the company, describing the company as suffering from an 'unprecedented crisis inside out'.

His departure from office Oh-Hyun Kwon explained, "an unprecedented crisis", saying that the company in the current environment should lead to new leadership.

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

Kwon Oh-hyun, who runs the Korean firm's chip and display division and has worked for Samsung in one capacity or another for 32 years, said in an October 13 statement that he believed in light of former head Jay Y. Lee's recent conviction for bribery charges and the related resignation of several board members, including Lee's mentor Choi Gee-sung, the smartphone maker "needs a new leader more than ever" and that it was time for him to move onto the "next chapter" of his life.

Inside view of the Australian team bus with shattered glass
Personal security of visiting athletes & teams is extremely important for us", Rathore said on his official Twitter account.

It is something I had been thinking long and hard about for quite some time. Indeed, the company expects record operating profits of about $12.8 billion for the third quarter.

Friday's personnel announcement came shortly after the company said it was expecting to log 14.5 trillion won ($12.8 billion) in operating profits for the July-September quarter, an all-time record and almost three times the 5.2 trillion won of the same period a year earlier. It was previous year that the company had to recall its Galaxy Note 7 but it seems the company has now recovered, also in light of its recent Galaxy Note 8 launch. Operating income nearly tripling to a record 14.5 trillion won ($12.8 billion) in the three months ended September, according to preliminary results. Samsung Electronics has not yet announced a replacement. Kwon was expected to take a bigger role after the arrest of scion and heir apparent of Samsung Group, Jay Y Lee. Kwon eventually became the CEO of Samsung Display in 2016.

He's stepping down even though Samsung's business remains robust. Lee was accused of giving donations worth the equivalent of £29million to foundations owned by Choi Soon-sil in return for political favours.

The "unprecedented crisis" that Kwon may be alluding to is the arrest of Lee Jae-yong, the de facto leader of the Samsung.

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