Samsung Electronics CEO Kwon Oh-hyun to retire after March 2018

Samsung Electronics CEO Kwon Oh-hyun to retire after March 2018

The release of new models, including the iPhone X by rival Apple Inc could weigh on Samsung's mobile sales, but will also help its smartphones parts business, Mirae Asset Daewoo Securities Co analyst Doh Hyun-woo said in a report.

The news follows the August conviction of former Samsung chief Jay Y. Lee, who was sentenced to five years in jail for bribery and other charges.

Samsung Electronics has confirmed that Vice Chairman Oh-Hyun Kwon plans to resign as the company's head of the Device Solutions Business and will not seek re-election as a member of the Board of Directors and the Chairman of the Board when his term ends in March, 2018.

"As we are confronted with unprecedented crisis inside and out, I believe that time has now come for the company to start anew".

Earlier Friday, Samsung said its July-September operating profit almost tripled over a year earlier to a new record, putting it on track to report its best annual financial results.

He added, the company is making record earnings, which are consequences of decisions and investments from the past. The leadership shakeups appear to have had little impact on Samsung's business, however, with the company forecasting a banner third quarter of $12.81 billion in operating profit.

POCOG boss Hee Beom Lee with Korea Airports president Il Hwan Sung
POCOG boss Hee Beom Lee with Korea Airports president Il Hwan Sung

Kwon first joined Samsung Electronics in 1985. "It has not been an easy decision, but I feel I can no longer put it off", Kwon was quoted as saying.

Samsung Electronics' CEO has announced his surprise resignation from the company.

Prices of memory chips have skyrocketed globally due to the growing use of social media, mobile data, cloud computing and the emerging internet of things, which have combined to leave supplies tight.

Samsung did not name a successor to Kwon.

South Korea's largest company has been seeking to move past a bribery scandal that saw Lee thrown into jail, and to overcome a damaging recall a year ago of its flagship Galaxy Note 7 smartphone over exploding batteries. The group has not made any radical changes in its leadership since 2014 when the current chairman Lee Kun-Hee suffered a heart attack that left him bedridden. His lawyers are now appealing the conviction.

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