Kwon bids adieu to Samsung Electronics Empire, says time for young leadership

Kwon bids adieu to Samsung Electronics Empire, says time for young leadership

Kwon bids adieu to Samsung Electronics Empire, says time for young leadership

Kwon did not mention the scandal, but said the company now needed a new leader: "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". Choi Gee-sung, Samsung's chief executive and president at the company's digital media division, also resigned earlier this year. Although Jae-yong denied the charges, he was sentenced to five years imprisonment in August - the harshest sentence ever handed down to a chaebol leader, the Korean name for the country's giant family-run conglomerates.

"Samsung tipped record earnings, it is going to be better in the fourth quarter, and all that has been driven by Mr Kwon's components business", said Mr Park Ju Gun, head of research firm CEO Score.

"It is something I had been thinking long and hard about for quite some time", Kwon said in a statement.

His departure from office Oh-Hyun Kwon explained, "an unprecedented crisis", saying that the company in the current environment should lead to new leadership.

'We are fortunately making record earnings right now, but this is the fruit of past decisions and investments.

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Kwon, however, thinks Samsung is in crisis and urgently needs to find new ways to fuel growth before the record-breaking performance resulting from earlier decisions fades.

He played a major role in strengthening Samsung Electronics' position in the memory chips business across the world. Lee Jae-yong was widely expected to succeed his father as head of the group.

The boost was driven by strong sales from Samsung's semiconductor business, which supplies memory chips for rival phone makers like Apple.

Kwon joined the company in 1985 as a researcher of the company's Semiconductor Research Institute in the United States. But it could also encompass Samsung's recall fiasco with the Note7 smartphone past year, with the flagship smartphone having to be pulled off of market shelves due to a fire hazard with its charging mechanism.

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