Samsung Electronics Co CEO resigns

Samsung Electronics Co CEO resigns

"As we are confronted with unprecedented crisis inside out, I believe that time has now come for the company (to) start anew", Kwon Oh-hyun, chairman of the board and CEO of Samsung Electronics, said in a statement. "Samsung tipped record earnings, it is going to be better in the fourth quarter, and all that has been driven by Mr Kwon's components business", said Mr Park Ju Gun, head of research firm CEO Score.

His decision to resign comes at a time when the company tries to clean up its reputation amidst bribery case.

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. Kwon claimed he had been thinking about leaving "for quite some time" and could "no longer put it off" - The BBC reports. Kwon sent out a letter to employees to announce his resignation. Semiconductors were Samsung's top earner in the three months through June, bringing in a record eight trillion won (S$9.6 billion).

Kwon joined the company in 1985 as a researcher of the company's Semiconductor Research Institute in the United States. Quarterly profits are forecast at 14.5 trillion won ($12.8 billion), an increase of almost 300% over the previous year.

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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.

The resignation caps a tumultuous period for the South Korean conglomerate that included the jailing of de facto leader Lee Jae-yong. Lee was convicted on corruption charges to five years in prison in August, along with four other former Samsung executives.

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.

The release of new models, including the iPhone X by rival Apple Inc could weigh on Samsung's mobile sales, but will also help its smartphones parts business, Mirae Asset Daewoo Securities Co analyst Doh Hyun-woo said in a report.

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