Samsung Electronics CEO Kwon Oh-hyun to retire after March 2018

Samsung Electronics CEO Kwon Oh-Hyun Resigns, Says Company is Facing an 'Unprecedented Crisis'

(LEAD) Samsung Electronics CEO Kwon Oh-hyun to retire after March 2018

Samsung Electronics has not yet announced a replacement.

Samsung will lose another major executive soon.

Back at Samsung headquarters, Kwon said he will step down next March, when his term as board chairman ends.

CEO of Samsung, which in 2016 "distinguished "exploding smartphone", Oh-Hyun Kwon on Friday, October 13, announced the resignation".

"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", Kwon said in an official statement. Chairman Lee Kun-hee, who transformed the company from a copycat appliance maker to a global technology leader, said in 2010 that Samsung was entering a "real crisis", just after the company achieved record annual sales of more than 130 trillion won. We're not talking about the company's self-described "dismal state", or another Galaxy Note device gone up-in-flames, or the tech-giant's latest debacle, which saw its chairman Lee Jae-yong imprisoned for five years following his sentencing on charges of bribery, corruption, and perjury.

"He's been working for the position for long time, it's natural transition", Kim said. He also served as president and head of the System LSI Division and as president and head of the Semiconductor Business before becoming CEO of the company in 2012.

For the third quarter, Samsung is expected to report operating profits up to 14.3 trillion won or $12.51 billion, according to Thomson Reuters analysts. But it could also encompass Samsung's recall fiasco with the Note7 smartphone previous year, with the flagship smartphone having to be pulled off of market shelves due to a fire hazard with its charging mechanism. Kwon's resignation comes as the company struggles to overcome a bribery scandal that sent Lee Jae-Yong, its de facto head and heir to the Samsung empire, to jail. Samsung's shares fell about 1.5 per cent on Friday in Seoul.

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