In a surprise move Samsung Electronic CEO, and vice chairman Oh-Hyun Kwon has resigned from his post. The decisions, announced late on Friday, came as Kwon said Samsung faced an “unprecedented crisis".
Kwon is currently both a member of the Samsung board of directors and chairman of
the board. He will not seek re-election upon reaching the end of his term in March 2018.
In addition to resigning from the Device Solutions Business, he will also step away from his
position as CEO of Samsung Display.
In a letter to Samsung employees Kwon said, "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."
His resignation comes on the same day the firm forecast record quarterly profits,but
it is the latest management upheaval at the firm after the heir of the entire Samsung Group
was imprisoned for corruption in August.
Mr Kwon is one of three co-chief executives of Samsung Electronics.