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.
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