Samsung CEO resigns citing 'unprecented crisis'

Samsung CEO resigns citing
In a surprise move Samsung Electronic CEO, and vice chairman Oh-Hyun Kwon has resigned from his post. The decisions, announced late on Friday, came as Kwon said Samsung faced an “unprecedented crisis".

Kwon is currently both a member of the Samsung board of directors and chairman of the board. He will not seek re-election upon reaching the end of his term in March 2018. In addition to resigning from the Device Solutions Business, he will also step away from his position as CEO of Samsung Display.

In a letter to Samsung employees Kwon said, "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."

His resignation comes on the same day the firm forecast record quarterly profits,but it is the latest management upheaval at the firm after the heir of the entire Samsung Group was imprisoned for corruption in August.

Mr Kwon is one of three co-chief executives of Samsung Electronics.

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