Samsung CEO Kwon Oh-Hyu has announced that he will be resigning from his current role in the company. The move is likely an outcome of the ongoing crisis within the Korean multinational, as the leader of Samsung Group Lee Jae-Yong was recently linked with corruption and indictment charges.
Hence, most likely in an act of self-preservation, Kwon Oh-Hyun decided to announce his resignation by citing unprecedented circumstances.
“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,” said Kwon Oh-Hyun.
Lee Jang-Yong, leader of the Samsung Group was recently sentenced to five years in prison. The trial against Jang-Yong had been going on for a while now, though finally comes to an end which also led to the impeachment of Park Geun-Hye, former president of South Korea.
However, it’s worth noting again that Samsung CEO Kwon Oh-Hyun had no relation to the trial which involved Lee Jae-Yong.
Samsung CEO today shared a letter with all employees announcing that he’ll be stepping down from his position as the company’s head of Device Solutions Business. Notably, he also mentioned that he has no plans to seek reflection when his term ends in March 2018 as the Chairman of the Board.
“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 said in the letter.
Notably, Samsung’s CEO announcing his resignation comes at a time when its latest flagship smartphones which include the Galaxy S8, Galaxy S8 Plus, along with the Galaxy Note 8 have broken past sales records. Despite last year’s Galaxy Noe 7 fiasco, its successor the Galaxy Note 8 made a solid start in South Korea, as pre-orders for the device reached a staggering 850,000 units in just a week after they went live. In comparison, the Galaxy Note 7 managed a rather diminutive figure 380,00 pre-orders.