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Samsung CEO Kwon C Resigns Amid Corruption Trial

Samsung CEO

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Kwon Oh-hyun, vice chairman and CEO of Samsung Electronics, is resigning after his stay of more than 3 decades. He stated that he wants to make way for new leadership, whilst going through an ongoing corruption trial.

His statement reads – “As we are confronted with unprecedented crisis inside out, I believe that time has now come for the company start a new, with a new spirit and young leadership to better respond to challenges arising from the rapidly changing IT industry.”

On a similar context, Jay Y. Lee, the other vice chairman of Samsung than Kwon, faced imprisonment in August. Lee faced accusation for bribing a presidential confidante for succeeding his hospitalized father, Lee Kun-hee. The latter is the chairman of Samsung.

The younger Lee was sentenced to 5 years of imprisonment and has denied charges while appealing in court.

As for Kwon, he is stepping down despite the company enjoying exclusive establishment in the tech industry. On last Friday, the Suwon reported on Samsung’s recent profits that exceeded expectations. This happened due to the thriving demand for memory chips and displays. As per primary results, the operating income went as up as triple! This comes from the 3-month period between July and September, recording a whopping ¥14.5 trillion ($12.8 billion).

Well, as the company revealed, Kwon will step down officially from the management board in March 2018. This is the time when his present term ends.

Kwon served as a vice chairman since 2012, and as a senior executive in the display division since 2016.

Conclusion

One of his conclusive statements reads – “I want my resignation to be an opportunity for a higher level of challenge and innovation and to overcome this difficult situation.”

What are your thoughts on this leadership change scenario? Tell us in comments and be with us for further updates regarding the same.

Source: Livemint

Samsung CEO Kwon C Resigns Amid Corruption Trial