Samsung CEO Kwon Oh-hyun steps down

Samsung CEO Kwon Oh-hyun steps down

This is a completely unrelated issue, apparently, which came to light earlier this week courtesy of a report which asserted that Kwon Oh-hyun, Samsung's acting Chief Executive Officer of 32-years, will be resigning in March, 2018, citing an "unprecedented crisis" of vague proportions.

He didn't say what the unprecedented crisis is, but it is unlikely to be a financial one.

His decision to resign comes at a time when the company tries to clean up its reputation amidst bribery case.

And its de facto leader Jay Y. Lee was found guilty of bribery and corruption charges related to a far-reaching scandal that resulted in the ouster of former South Korean President Park Geun-hye.

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Samsung Electronics said Kwon plans to deliver his intention to Lee in the near future and recommend a successor. "We have come a long way to create a company that truly changes how people live, work and communicate with each other", Kwon said.

"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." added Kwon.

Despite posting record revenue for the quarter, electronics giant Samsung is struggling.

Samsung expects sales in the three months ended September 30 to hit 62 trillion won ($54.9 billion). Operating profit is expected to leap to KRW 14.4-14.6 trillion from 5.2 trillion year-on-year. But it could also encompass Samsung's recall fiasco with the Note7 smartphone a year ago, with the flagship smartphone having to be pulled off of market shelves due to a fire hazard with its charging mechanism. Choi Gee-sung, Samsung's chief executive and president at the company's digital media division, also resigned earlier this year. Samsung hasn't given out information on the timing of succession, nor did it share who will take on Kwon's responsibilities when he leaves next year. Kwon has served as a vice chairman at Samsung Electronics since 2012 and also served as a senior executive at the company's display division since past year.

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