Samsung Electronics CEO to Step Down

Zara_Ali - October 13, 2017 - 07:27 AM

Samsung Electronics CEO to Step Down

In a letter sent to company employees on Friday, Samsung Electronics’ CEO announced his resignation.

(CCM) — In a shocking turn of events, Samsung Electronics' CEO, Kwon Oh-hyun, has announced his plan to resign from all current roles in March 2018. Kwon informed company employees about the major decision in a letter. "It is something I had been thinking long and hard about for quite some time. It has not been an easy decision, but I feel I can no longer put it off," he wrote. In addition to Samsung Electronics, Kwon is the CEO of Samsung Display.



The letter sent by Kwon cites “unprecedented crisis” at the company as the reason behind his resignation. Kwon continued, "As we are confronted with unprecedented crisis inside out, I believe that time has now come for the company start anew, with a new spirit and young leadership to better respond to challenges arising from the rapidly changing IT industry."

Crisis struck at Samsung following the 5-year jail sentence handed down to Samsung Vice Chairman Lee Jae-yong on corruption charges. Samsung, which currently has two other CEOs heading different divisions, has yet to announce who will be replacing Kwon.

Image: © TK Kurikawa - Shutterstock.com
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