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Samsung CEO resigns

Oh-Hyun Kwon is retiring after five years tenure of General Director of Samsung Electronics, citing the “unprecedented crisis”.

Despite good sales and positive feedback on new products, Kwon Oh Hyun would give up his position of General Director of Samsung Electronics, Vice-President and head of the unit components.

General Director of Samsung Electronics Kwon Oh Hyun has sent employees a letter.

“Because we are faced with an unprecedented crisis, I believe that the time has come to make a new start company with a new spirit and a young leadership to better cope with the difficulties a fast-paced it industry,” — said in a letter Oh-Hyun Kwon.

“An unprecedented crisis”, most likely refers to Lee Jae-Yong, the successor of the Chairman of the Samsung group, recently sentenced to five years in prison for bribery and perjury.

It is expected that the head of Samsung Electronics will leave all of the posts by March next year after completion of the employment contract.

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