Samsung Electronics CEO Resigns, Says Company Is In “Unprecedented Crisis”

Shortly after posting the company’s third quarter financial results, CEO and Vice Chairman of Samsung Electronics Oh-Hyun Kwon announced he is leaving the company in March 2018.

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

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The “unprecedented crisis” is apparently a reference to Samsung Group’s de facto leader and Vice Chairman, Lee Jae-yong (aka, Jay Y. Lee) being sentenced to five years in prison after being found guilty of bribery, embezzlement, capital flight, and perjury charges.

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Lee Jae-yong’s conviction was part of a bribery scandal that reached all the way to the president of South Korea, Park Geun-hye, who was impeached last year is also serving time in prison.

While Lee Kun-hee is expected to keep the title of “Chairman” for life, medical issues have caused him to step away from Samsung, and Lee Jae-yong had been running the company since 2014.

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