Head Of Samsung's Booming Semiconductor Business To Resign

Head Of Samsung's Booming Semiconductor Business To Resign

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'.

In an emotional letter sent to all employees, Kwon said that while announcing his retirement was the most hard thing for him to do, he believed it was the right time and in the best interest of the company, amid continuing controversy around Samsung vice-chairman Lee Jae-yong, arrested on charges of bribery.

"Because we are faced with an unprecedented crisis, I believe that the time has come, to a company headed by new leadership in order to better respond to the challenges arising in the rapidly changing IT industry", he said.

"He's been working for the position for long time, it's natural transition", Kim said.

"But now the company needs a new leader more than ever and it is time for me to move to the next chapter of my life." added Kwon.

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Kwon also shared his sense of pride and honor with his employees, thanking them for their dedication and commitment to Samsung.

Samsung Group still remains South Korea's top conglomerate with businesses ranging from smartphones to hotels, it may have no new plans for taking big decisions following Lee's arrest, experts have said. Kwon eventually became the CEO of Samsung Display in 2016. Quarterly profits are forecast at 14.5 trillion won ($12.8 billion), an increase of almost 300% over the previous year.

The company forecast bumper quarterly earnings on Friday, putting it on track to post a record operating profit for the period. Choi Gee-sung, Samsung's chief executive and president at the company's digital media division, also resigned earlier this year.

Kwon's resignation won't take into effect until March 2018, but Samsung will now have to find replacements to fill in the vacant roles in the company. Samsung's shares fell about 1.5 per cent on Friday in Seoul.

The Telegraph reports that 32-year Samsung veteran Kwon Oh-hyun announced his departure in a letter to staff.

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