Samsung CEO Resigns, Company Facing “Unprecedented Crisis”

Kwon Oh-Hyun, The CEO of Samsung Electronics just resigned today, saying the South Korean tech giant was facing an “unprecedented crisis”. This is coming when Samsung is expected to hit an all-time high profit in the third quarter.

Its estimated operating profits for the July-September period of 14.5 trillion won (USD 12.8 billion) marked a record for quarterly profit, nearly tripling the 5.2 trillion won earned a year earlier.

Sales are expected to have surged 29.65 per cent on-year to 62 trillion won, with the booming semiconductor business boosting the company’s bottom line.

Despite this spectacular performance, CEO Kwon seems not to be bothered as he announced his intentions to resign, according to him, the company was in the throes of an “unprecedented crisis”

“Fortunately, the company is now producing best-ever results but this is merely a fruit of decisions and investment made in the past”, he said in a statement.

“As we are confronted with unprecedented crisis inside 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”, Kwon said.

Kwon’s resignation comes as the company is struggling to overcome some challenges, first being a bribery scandal that sent Lee Jae-Yong, the heir to the Samsung empire  to 5 years jail term having been found guilty in August of bribery, perjury and other charges relating to payments made by Samsung to ousted president Park Geun-Hye’s secret confidante Choi Soon- Sil and not also forgetting the catastrophic recall of one of its flagship device “Samsung Galaxy Note 7 over exploding batteries, to further worsen the situation, barely a week ago,  another Samsung device “Samsung Grand Dous” was caught on camera exploding in an Indonesian man’s chest pocket



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