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Samsung Electronic devices CEO Oh-Hyun Kwon reveals retirement

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Samsung Electronic devices CEO Oh-Hyun Kwon reveals retirement

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Kwon Oh-Hyun, co-vice chairman and ceo of Samsung, will retire from business management in 2018.


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Samsung Electronic devices stated Friday its CEO and Vice Chairman Kwon Oh-hyun would step down from management after 3 years with the business amidst a corruption scandal including its de facto chief.

” As we are faced with unmatched crisis completely, I think that time has actually now come for the business begin once again, with a brand-new spirit and young management to much better react to difficulties occurring from the quickly altering IT market,” Kwon stated in a declaration late Thursday.

Kwon functions as a co-vice chairman of Samsung Electronic devices with Jay Y. Lee, successor to the household that owns the huge Samsung corporation. Lee was sentenced to 5 years in jail after being founded guiltyin August of paying off South Korea’s previous president to assist him increase his power over the business.

Kwon, who supervised the development of Samsung’s element service which now produces much of the company’s revenues, stated he’s stepping down in spite of handling a robust healing just recently. The electronic devices giant stated earlier Thursday it anticipates to tape-record a third-quarter operating revenue of 14.5 trillion won ($128 billion), almost triple from the year-ago duration, thanks mainly to continued strong need for memory chips.

Kwon, 64, has actually worked as a vice chairman at Samsung Electronic devices because2012 His resignation will work at the end of his board term in March 2018.

” I desire my resignation to be a chance for a greater level of difficulty and development and to conquer this tight spot,” Kwon stated in the declaration.

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