Samsung CEO to resign despite record Q3 earnings

Samsung CEO to resign despite record Q3 earnings

Vice Chairman and Chief Executive Officer Kwon Oh-hyun is stepping down after more than three decades at the company, saying that he's making way for new leadership amid a corruption trial surrounding the de facto chief.

Samsung announced yesterday that Kwon Oh-hyun will be resigning as the one of the company's CEOs.

His decision to resign comes at a time when the company tries to clean up its reputation amidst bribery case.

He has represented Samsung Electronics at various occasions since the company's heir and vice chairman, Lee Jae-yong, 49, was jailed earlier this year.

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"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", he wrote. Operating profit is expected to leap to KRW 14.4-14.6 trillion from 5.2 trillion year-on-year. But it also announced the resignation of a key executive, Kwon Oh-hyu. Sales jumped 30 percent to 62 trillion won ($54.7 billion). Final numbers are usually released two weeks later.

Kwon, who has also served on the board of Samsung Electronics, had overseen the firm's booming memory chips business.

"The company has been riding a global semiconductor boom", he said, adding the semiconductor business alone is believed to have contributed 10 trillion won to the operating profit. It was past year that the company had to recall its Galaxy Note 7 but it seems the company has now recovered, also in light of its recent Galaxy Note 8 launch. But it could also encompass Samsung's recall fiasco with the Note7 smartphone a year ago, with the flagship smartphone having to be pulled off of market shelves due to a fire hazard with its charging mechanism.

Samsung Electronics says its third-quarter profit likely surged almost three-fold over a year earlier to a new record high. The consumer electronics division will also benefit from strong seasonal demand, he added.

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