Samsung CEO steps down

Jon Howard
October 14, 2017

The chairman of Samsung Electronics' board of directors and one of the company's three chief executive officers says he will resign next year.

His decision to resign comes at a time when the company tries to clean up its reputation amidst bribery case. In August, Lee was sentenced to five years in prison for corruption after he was found guilty of being involved in bribing the then-South Korean president, Park Geun-hye.

"I am anxious about a leadership vacuum at a time when Lee is absent from management", said Mr Chung Sun Sup, chief executive of research firm, following Mr Kwon's announcement.

"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", Oh-hyun said in a letter to Samsung employees, a copy of which was obtained by The Telegraph.

His departure from office Oh-Hyun Kwon explained, "an unprecedented crisis", saying that the company in the current environment should lead to new leadership. Kwon, who turns 65 on Sunday, plans to stick around for six months until a successor, most likely from inside the company, is installed.

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The CEO expressed hope that his retirement will become an opportunity for Samsung to take the next step forward. He also has served as the CEO of Samsung Display since 2016.

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

Kwon joined Samsung in 1985 as a researcher in the company's Semiconductor Research Institute in the United States. Operating income nearly tripling to a record 14.5 trillion won ($12.8 billion) in the three months ended September, according to preliminary results. Gee-sung stepped down after it become know he was allegedly involved in Lee's bribery scandal, according to Reuters.

Despite what Kwon characterizes as a management "crisis", Samsung is doing pretty well financially.

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