Samsung CEO, Kwon Oh-hyun has unexpectedly announced that he plans to step down from the company’s management. Apparently, an ‘unprecedented crisis’ has been a deciding factor in this decision.
Today, Samsung Electronics CEO and Vice Chairman, Kwon Oh-hyun, has announced his resignation. He will be stepping down from his position as the company’s CEO, along with his positions on the board and as CEO of Samsung Display in March 2018. This decision is quite surprising, considering the tech giant expects profits to exceed expectations this quarter.
In a letter to his employees, Kwon detailed the reasons that had led him towards making this important decision:
Undoubtedly, the imprisonment of Samsung’s former Vice Chairman less than two months ago is part of this ”crisis inside out”. It will be interesting to see whether the scandal has even more of an impact on the company’s day-to-day operations.
Considering that Samsung Electronics’ share price has risen dramatically – and that it is currently the most profitable tech company in the world – makes this decision all the more harder to comprehend. Interestingly, however, Kwon mentioned that the company’s current success is due to “past decisions and investments”, also noting the company’s inability to predict future trends at the moment.
Kwan first joined the company in 1985, and has since risen up the ranks, becoming Samsung Electronics’ CEO in 2012. Samsung has not yet announced a successor to the highly sought positions his resignation has left up for grabs.