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vegassports-odds.com December 18, 2017


Samsung chief Kwon Oh-hyun steps down

13 October 2017, 08:38 | Marlene Myers

Samsung CEO Kwon to step down even as chip business thrives

Samsung Electronics CEO Announces Resignation Amid 'Unprecedented Crisis'

Kwon is stepping down as head of Samsung Electronics' device solutions division, which includes the semiconductor business, and will not seek re-election as a member of the company's board when his term ends next March.

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'.

Samsung did not announce the performance estimates of each business division but its semiconductor business is widely believed to have contributed greatly to the record-beating report.

"It is something I had been thinking long and hard about for quite some time", Kwon said in a statement.

Kwon has been working as de facto head of the company following the imprisonment of the Samsung heir Lee Jae-yong. "It has not been an easy decision, but I feel I can no longer put it off", Kwon said in his letter.

Samsung was closely tied to the political corruption of South Korea's former president - also its first female president - with vice chairman Lee enjoying a sentence of five years in prison for his role in the scandal.

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While expressing concern that the company was "confronted with unprecedented crisis inside out", alluding to the conviction of its leader, Kwon said he hopes his resignation can be a good opportunity for the company to turn things around and make bold attempts at innovation. He is expected to deliver his letter of resignation to Lee Jae-yong and the board of directors soon.

Samsung did not name a successor to Kwon.

Kwon was named CEO in 2012, and had been leading the multi-faceted electronics juggernaut since Lee's sentencing in August; he'd joined Samsung in 1985. Samsung has two other CEOs each overseeing its mobile phone business and home appliance division. The company was expecting profits of about 14.5 trillion Korean won ($12.8 billion).

South Korea's largest company has been seeking to move past a bribery scandal that saw Lee thrown into jail, and to overcome a damaging recall previous year of its flagship Galaxy Note 7 smartphone over exploding batteries.

Samsung has been seeking to move past a bribery scandal that saw the company's de-facto head Lee Jae-Yong thrown into jail, and to overcome a damaging recall a year ago of its flagship Galaxy Note 7 smartphone over exploding batteries. 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.

"Samsung's CEO-level leadership has remained largely unchanged for past three years, which is like an eternity in the fast-changing tech industry", said the analyst.



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