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Samsung Electronics CEO resigns

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Kwon Oh-hyun
Samsung Electronics chief executive Kwon Oh-hyun has resigned amid “unprecedented crisis”.

Kwon’s resignation comes on the same day the firm forecast record quarterly profits, citing higher memory chip prices.

He said he had been thinking about his departure “for quite some time” and could “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,” he said in a statement.

However,Kwon will remain on the board of Samsung Electronics until March 2018.

It is the latest management upheaval at the firm after the heir of the entire Samsung Group was imprisoned for corruption in August.