Published On: Fri, Oct 13th, 2017

Samsung Electronics CEO resigns, says company is in “unprecedented crisis”

Enlarge (credit: JUNG YEON-JE/AFP/Getty Images)

Samsung will lose another major executive soon. 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.

In a letter to employees, Kwon offered a statement:

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. 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.

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. 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.

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Tech – Ars Technica

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