Published: Sat, October 14, 2017
Money | By Charlene Sutton

Samsung CEO steps down

Samsung CEO steps down

According to Business Insider, Samsung Electronics Co. announced on Friday its CEO and Vice Chairman, Kwon Oh-hyun, would step down from the position after the concerns of the bribery scandal and corruption charges that led to former head of Samsung, Lee Jae-Yong, to a five year prison sentence, causing shares to fall 1.4 percent.

The move comes just as Samsung has announced record profits, thanks largely to its memory chip business, prompting one industry analysts to describe its timing as "nonsensical". Quarterly profits are forecast at 14.5 trillion won ($12.8 billion), an increase of almost 300% over the previous year.

In an emotional letter sent to all employees, Kwon said that while announcing his retirement was the most hard thing for him to do, he believed it was the right time and in the best interest of the company, amid continuing controversy around Samsung vice-chairman Lee Jae-yong, arrested on charges of bribery.

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Samsung CEO Kwon Oh-hyun has announced his resignation from the company.

For instance, the Galaxy-maker is expected to report a significant, year-over-year growth in revenue of 62 trillion won ($54 billion) for the current quarter - in comparison to the 47.8 trillion won ($42 billion) generated during the same quarter last year.

"As we are confronted with unprecedented crisis inside out, I believe that time has now come for the company (to) start anew", he said in a statement. Final numbers are usually released two weeks later. Samsung has been seeking to move past a bribery scandal that saw the company's de facto head Lee Jae-Yong thrown into jail, and to overcome a damaging recall previous year of its flagship Galaxy Note 7 smartphone over exploding batteries.

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"The company has been riding a global semiconductor boom", he said, adding the semiconductor business alone is believed to have contributed 10 trillion won to the operating profit.

The company forecast bumper quarterly earnings on Friday, putting it on track to post a record operating profit for the period.

Analysts forecast Samsung's 2017 net income almost doubled from 2016. The consumer electronics division will also benefit from strong seasonal demand, he added.

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