Samsung Electronics CEO Announces Surprise Resignation

Samsung Electronics CEO Announces Surprise Resignation

Kwon Oh-hyun said the company faces an "unprecedented crisis" following a bribery scandal that led to the imprisonment of de facto chief Lee Jae-yong The chief executive officer of Samsung Electronics is stepping down in a surprise resignation after decades at the company, saying the business needed new leadership following a bribery scandal that led to the imprisonment of its de facto chief. Operating income nearly tripling to a record 14.5 trillion won ($12.8 billion) in the three months ended September, according to preliminary results.

Analysts estimated 14.3 trillion won in operating profit according to financial data provider FactSet.

"[Samsung] has been showing record performances", Kwon said. He also has served as the CEO of Samsung Display since 2016.

Samsung Group still remains South Korea's top conglomerate with businesses ranging from smartphones to hotels, it may have no new plans for taking big decisions following Lee's arrest, experts have said.

The consumer electronics division would also benefit from strong seasonal demand, he added.

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The Telegraph reports that 32-year Samsung veteran Kwon Oh-hyun announced his departure in a letter to staff.

"Fortunately, the company is now producing best-ever results but this is merely a fruit of decisions and investment made in the past", he said in a statement.

Kwon did not mention the scandal, but said the company now needed a new leader: "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". 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. Lee was found guilty of bribery and other corruption charges in August.

A Samsung Electronics spokes-man declined comment on the exact timing of succession and potential successors for his roles.

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