Samsung CEO Kwon Oh-hyun resigns amid strong guidance for Q3
00:24, Oct 14, 2017
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"As we are confronted with unprecedented crisis inside and 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 added.
Kwon is one of the two vice chairmen at Samsung Electronics with Jay Y. Lee, who was sentenced to five years in prison in August for bribing a presidential confidante in return for help in succeeding his hospitalized father, Chairman Lee Kun-hee.
Vice Chairman Kwon will be leaving Samsung after 32 years with the company.
Lee was arrested for bribery charges in February 2017.
Kwon Oh Hyun announced his retirement on October 13.
However, in a sign of good news for the company, its estimated operating profits for the third quarter of 14.5 trillion won (US$12.8 billion) marked a record for quarterly profit, almost tripling the 5.2 trillion won earned a year earlier.
"I am anxious about a leadership vacuum at a time when Lee is absent from management", said Mr Chung Sun Sup, chief executive of research firm Chaebul.com, following Mr Kwon's announcement.
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.
"[Samsung] has been showing record performances", Kwon said.
Samsung Group still remains South Korea's top conglomerate with businesses ranging from smartphones to hotels, it may have no new plans for taking big decisions following Lee's arrest, experts have said. Moreover, he also played a crucial role in expansion of the contract chip manufacturing business.
Samsung expects to pull in 62 trillion won ($54.9 billion) in revenue and 14.5 trillion won ($12.8 billion) in profit for the three months ending September 30, a near 300% increase in profit compared to the same period a year ago. If Kwon is right, Samsung won't catch up anytime soon.
Kwon will leave the company in March, when his term as chairman of Samsung Electronics ends.
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