Samsung Electronics CEO resigns, says company is in “unprecedented crisis”



Samsung will lose one other main government quickly. Shortly after posting the corporate’s third quarter monetary outcomes, CEO and Vice Chairman of Samsung Electronics Oh-Hyun Kwon introduced he’s leaving the corporate in March 2018.

In a letter to staff, Kwon provided an announcement:

It is one thing I had been pondering lengthy and exhausting about for fairly a while. It has not been a simple determination, however I really feel I can now not put it off. As we’re confronted with unprecedented disaster inside out, I consider that point has now come for the corporate to start out anew, with a brand new spirit and younger management to higher reply to challenges arising from the quickly altering IT trade.

The “unprecedented crisis” is outwardly a reference to Samsung Group’s de facto chief and Vice Chairman, Lee Jae-yong (aka, Jay Y. Lee) being sentenced to 5 years in jail after being discovered responsible of bribery, embezzlement, capital flight, and perjury costs. Lee Jae-yong’s conviction was a part of a bribery scandal that reached all the best way to the president of South Korea, Park Geun-hye, who was impeached final yr can also be serving time in jail.

Lee Jae-yong is the son of Lee Kun-hee, the chairman of Samsung Group, and is seen as the corporate’s inheritor obvious. While Lee Kun-hee is predicted to maintain the title of “Chairman” for all times, medical points have brought on him to step away from Samsung, and Lee Jae-yong had been operating the corporate since 2014.

Vice Chairman Kwon shall be leaving Samsung after 32 years with the corporate. Samsung Electronics has not but introduced a alternative.

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