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Samsung Electronics CEO Kwon Oh-hyun to retire after March 2018
13 October 2017, 08:54 | Randall Craig
Samsung Electronics CEO resigns
"Lee's lawyers may argue that Samsung, with the veteran Kwon gone, needs its vice chairman back more than ever to lead the firm", he said, adding that the tactic had often been used by other family-run South Korean business empires.
Kwon, also known as Mr. Chip, was in charge of Samsung's component 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 previous year.
The "unprecedented crisis" Kwon referenced is the conviction of Lee earlier this year on bribery charges, landing the 49-year-old exec a five-year prison sentence.
"As we are confronted with unprecedented crisis inside out, I believe that the 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", Kwon said.
"(The earnings) are based on investment made in the past. Lee Jae-yong's conviction was part of a bribery scandal that reached all the way to the president of South Korea, Park Geun-hye, who was impeached a year ago is also serving time in prison. While Samsung was battered a year ago following the Galaxy Note 7 debacle, it seems to have bounced back and will soon announce a much rosier financial position.
Kwon also shared his sense of pride and honor with his employees, thanking them for their dedication and commitment to Samsung.
The company forecast bumper quarterly earnings on Friday, putting it on track to post a record operating profit for the period. Kwon was expected to take a bigger role after the arrest of scion and heir apparent of Samsung Group, Jay Y Lee. Sales increased 20% year over year during the quarter. This business generates more profits compared to smartphone and other businesses.
Samsung is expecting record profits for third quarter amid the high-flying memory chip prices. Both Samsung and Apple recently released new flagship smartphones.
The consumer electronics division will also benefit from strong seasonal demand, he added.
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