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Samsung’s CEO resigns due to “unprecedented crisis” at company

Samsung’s CEO Kwon Oh-hyun has announced he is resigning from his position in a letter to employees, the company has announced. He also announced he will not be seeking re-election to the board or his position as chairman when his term ends in March 2018. In the letter to employees, Kwon said:

“It is something I had been thinking long and hard about for quite some time. It has not been an easy decision, but I feel I can no longer put it off. As we are confronted with unprecedented crisis inside out, I believe that time has now come for the company start anew, with a new spirit and young leadership to better respond to challenges arising from the rapidly changing IT industry.”

Kwon has been with the South Korean giant since 1985. His resignation comes after the scandal earlier this year which saw Jay Y. Lee, the heir to the Samsung empire, sentenced to five years in prison for perjury and bribery charges.MG