Samsung CEO Kwon Oh-hyun Resigns Under Mysterious Circumstances
Kwon Oh-hyun, CEO of Samsung Electronics and Samsung Display, vice chairman and head of Samsung’s components division has announced his resignation. He will step down from the role as well as his position on the board in March 2018.
Kwon Oh-hyun said in a letter to the employees:
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. 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.
There are no words to describe how proud I am that we built together one of the most valuable companies in the world. We have come a long way to create a company that truly changes how people live, work and communicate with each other. But now the company needs a new leader more than ever and it is time for me to move to the next chapter of my life.
Kwon joined Samsung in 1985, rising to lead its semiconductor business before his appointment as the CEO. He was appointed CEO of Samsung Electronics in 2012 and in 2016, he became the CEO of Samsung Display.
Samsung has had a very successful finanical year but, all may not be well in its leadership. The South Korean tech giant, Samsung expects its operating profit to nearly triple year on year, demonstrating a very strong recovery after the equivalent period in 2016 saw the infamous Galaxy Note7 recall. In his letter, Kwon cites “unprecedented crisis,” he might be referring to the arrest of Lee Jae-yong, the de facto leader of the entire Samsung group, on corruption charges. It looks like the scandal will slowly show the repercussions and Kwon Oh-hyun’s resignation seems like the fist indication. Samsung is yet to announce a replacement. It seems like one of the two “co-CEOs”, BK Yoon and JK Shin would replace Kwon. Will this internal turmoil affect Samsung and its future plans? We don’t think so.