Samsung Electronics' CEO Resigns Unexpectedly
Kwon Oh-hyun, CEO and Vice President of Samsung Electronics Corp., today announced plans to step down from his leadership role with the company. "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," said Kwon in an email sent to employees. Kwon was expected to absorb more duties after the bribery arrest and incarceration of Samsung scion Jay Y. Lee. "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," said Kwon, citing the need for new thinking with the company. Samsung Electronics Corp. is the business unit responsible for making chips and displays. At the same time, the company said it expects to break revenue and earnings records when it reports quarterly financials later this month. Samsung has not said how it expects to replace Kwon and Yee.
Samsung Names New Executives
Samsung today made sweeping changes to its leadership. The news comes several weeks after Kwon Oh-hyun, CEO and Vice President of Samsung Electronics Corp., announced plans to step down from his leadership role with the company.
Samsung Mobile CEO to Cede Daily Management Duties
Samsung today said J.K. Shin, the long-time leader of the company's mobile phone business, will cede control as part of the firm's annual personnel assessment.
Samsung Executive to Be Charged with Bribery
The special prosecutor's office in South Korea today said it will charge Samsung Executive Jay Y. Lee in a bribery case that has shaken the country.
Korea Won't Arrest Samsung Scion
A court in South Korea today rejected a request to arrest Samsung executive Lee Jae-yong. Prosecutors in a government bribery case wanted Lee held on counts of bribery, embezzlement, and perjury.