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Samsung CEO steps down after forecasting Record Earnings
15 October 2017, 01:03 | Dawn Berry
Samsung Electronics CEO Kwon Oh-Hyun Resigns, Says Company is Facing an 'Unprecedented Crisis'
Samsung Electronics has announced the resignation of CEO Oh-Hyun Kwon, in charge of Samsung Display and the company's Device Solutions Business.
Kwon is one of the two vice chairpersons at Samsung with Jay Y. Lee, who was sentenced to five years in prison in August for bribing a presidential confidante in return for help in succeeding his hospitalised father, chairperson Lee Kun-hee.
Lee was arrested over allegations of inappropriate payments to South Korea's former president Park Geun-hye, via front companies connected to the disgraced politician, whose residence is now Seoul Detention Center.
Strong global demand for DRAM chips will continue to outpace supply in 2018 as new plants from Samsung and No. 2 memory chip maker SK Hynix are not expected to operate until 2019, while demand for NAND flash chips exceeded supply for six straight quarters as of last month, DRAMeXchange, a division of data provider TrendForce, said. "We have come a long way to create a company that truly changes how people live, work and communicate with each other", Kwon added.
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The Telegraph reports that 32-year Samsung veteran Kwon Oh-hyun announced his departure in a letter to staff. "Samsung tipped record earnings, it is going to be better in the fourth quarter, and all that has been driven by Mr Kwon's components business", said Mr Park Ju Gun, head of research firm CEO Score. He said the company is "confronted with unprecedented crisis inside out" and needs "a new spirit and young leadership to better respond to challenges".
Back at Samsung headquarters, Kwon said he will step down next March, when his term as board chairman ends. Kwon is also leaving his position as chief executive of Samsung Display, which he has held since 2016.
The company forecast bumper quarterly earnings on Friday, putting it on track to post a record operating profit for the period.
Kwon joined Samsung in 1985 as a researcher in the company's Semiconductor Research Institute in the United States. He also served as president and head of the System LSI Division and as president and head of the Semiconductor Business before becoming CEO of the company in 2012.
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Sunny, high near 70 — TODAY'S FORECAST
Lows through this period will be in the mid-60s with partly cloudy conditions and have south winds at 5-10 miles per hour . South wind 10 to 13 miles per hour , with gusts as high as 22 miles per hour .