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Samsung Electronics CEO To Mysteriously Resign Amid Record Profits

Samsung Electronics CEO To Mysteriously Resign Amid Record Profits”

A large part of Samsung's recent success stems from Kwon's leadership of Samsung's components and display business, which not only provides the screens, memory, and other components in its own devices, but also supplies parts to many of Samsung's biggest competitors, including the OLED display on Apple's iPhone X. "I believe that time has now come for the company to start anew, with a new spirit and young leadership to better respond to challenges arising from the rapidly changing IT industry". Kwon, 64, also said he has nothing more to give to the company that he has served half is life and is keen to move over to the next phase of his life. "We have come a long way to create a company that truly changes how people live, work and communicate with each other", Kwon added. But it could also encompass Samsung's recall fiasco with the Note7 smartphone previous year, with the flagship smartphone having to be pulled off of market shelves due to a fire hazard with its charging mechanism.

The timing of the announcement is no doubt significant given, in the own word of Kwon, the huge management crisis that company is in the midst of right now.

Kwon first joined Samsung back in 1985 as a researcher of the company's Semiconductor Research Institute in the US.

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Samsung shares were trading at a new record high of 2.74 million won as of Thursday, as investors bet on record earnings in 2017 driven by growing demand for memory chips with ever greater processing power.

The CEO expressed hope that his retirement will become an opportunity for Samsung to take the next step forward. Semiconductors were Samsung's top earner in the three months through June, bringing in a record eight trillion won (S$9.6 billion). He was appointed chief executive in 2012. Gee-sung stepped down after it become know he was allegedly involved in Lee's bribery scandal, according to Reuters.

However, Samsung's legitimate business would appear to be ticking over nicely, with the company revealing its financial forecasts for the rest of the year.

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At the time of writing this report, it was not clear who would be taking over from Kwon Oh-hyun as CEO.

Samsung CEO Kwon Oh-hyun has announced his resignation from the company.

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