Samsung CEO Announces Surprise Resignation Amid Profits, Growth

Samsung CEO Announces Surprise Resignation Amid Profits, Growth

He also has served as the CEO of Samsung Display since 2016. While Samsung was battered past year following the Galaxy Note 7 debacle, it seems to have bounced back and will soon announce a much rosier financial position.

Samsung Electronics Co chief executive Kwon Oh-hyun yesterday resigned, saying that the South Korean tech giant was facing an "unprecedented crisis", even as it expected profits to hit an all-time high in the third quarter.

"As we are 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", he wrote.

Samsung is expecting record profits for third quarter amid the high-flying memory chip prices. "Lee's lawyers may argue that Samsung, with the veteran Kwon gone, needs its vice chairman back more than ever to lead the firm", he said, adding that the tactic had often been used by other family-run South Korean business empires.

The Telegraph reports that 32-year Samsung veteran Kwon Oh-hyun announced his departure in a letter to staff. Analysts forecast Samsung's 2017 net income almost doubled from 2016 and they expect Samsung to outdo its annual financial results for the next few years, thanks to its position as the world's largest maker of the semiconductor group known as memory chips that are used for mobile devices and computer servers.

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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.

Still, Kwon's announcement was unexpected, especially with the company making record profit from its semiconductor business, and the group is now left without a leader. "It has not been an easy decision, but I feel I can no longer put it off", Kwon said in an English statement.

Kwon's tenure expires in March 2018, Yonhap news agency reported.

Kwon's resignation could widen a leadership vacuum at Samsung. Hearings on his appeal and those of four other convicted Samsung executives began October 12.

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