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Samsung CEO, Kwon Oh-hyun, Resigns Due To 'Unprecedented Crisis'


That crisis is believed to be related to the ongoing bribery scandal surrounding Samsung, which recently saw the arrest of the company's heir and vice chairman Lee Jae-yong (also known as Jay Y Lee). Lee was found guilty of bribery and other corruption charges in August.

"As we are confronted with unprecedented crisis inside out, I believe that time has now come for the company (to) start anew", Kwon Oh-hyun, chairman of the board and CEO of Samsung Electronics, said in a statement.

"But now the company needs a new leader more than ever and it is time for me to move to the next chapter of my life." added Kwon. But in a sign of good news for the company, its estimated operating profits for the July-September period of 14.5 trillion won ($12.8 billion) marked a record for quarterly profit, almost tripling the 5.2 trillion won earned a year earlier.

Samsung is also trying to fix its relationship with the public after the embarrassing fire-prone Note 7 fiasco.

The company forecast bumper quarterly earnings on Friday, putting it on track to post a record operating profit for the period.




He didn't say what the unprecedented crisis is, but it is unlikely to be a financial one.

Samsung will lose another major executive soon.

Kwon Oh-hyun, who also serves as co-vice-chairman, announced his retirement on Friday as the Suwon-based company reported record operating income of 14.5 trillion won ($12.8 billion) on booming demand for displays and memory chips.

For instance, the Galaxy-maker is expected to report a significant, year-over-year growth in revenue of 62 trillion won ($54 billion) for the current quarter - in comparison to the 47.8 trillion won ($42 billion) generated during the same quarter last year.

However, Samsung's legitimate business would appear to be ticking over nicely, with the company revealing its financial forecasts for the rest of the year. But it could also encompass Samsung's recall fiasco with the Note7 smartphone previous year, with the flagship smartphone having to be pulled off of market shelves due to a fire hazard with its charging mechanism.

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