Business News

Samsung Electronics CEO Kwon Oh-hyun resigns, says company faces ‘unprecedented crisis’

He was expected to take a bigger role after the company’s heir Lee Jae-yong was arrested after being convicted in a corruption case.

Samsung Electronics’ Chief Executive Officer Kwon Oh-hyun resigned on Friday, soon after the company projected record earnings for the July-September quarter. In a letter to employees, the CEO said the company needs “a new spirit and young leadership” as the company faces an “unprecedented crisis inside out”.

Kwon’s resignation comes less than two months after a South Korean court in August sentenced company heir Lee Jae-yong to five years in prison, finding him guilty of bribery and embezzlement. He had been expected to take on a bigger role after Lee’s arrest.

The South Korean firm’s CEO will resign as the company’s head of the Device Solutions Business and will not seek re-election as a board member when his term ends in March. He will also resign as the chief executive of Samsung Display. He worked with the company since 1985, when he joined as a researcher.

Kwon said a new leadership was needed to “better respond to challenges arising from the rapidly changing IT industry”.

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