Samsung CEO steps down

Samsung Electronics CEO Kwon Oh-Hyun Resigns, Says Company is Facing an 'Unprecedented Crisis'

The "crisis" alluded to in the letter has largely been read as a reference to the imprisonment of Samsung's de facto leader Lee Jae-yong on bribery and corruption charges. Oh-Hyun Kwon will leave not only that post but also his positions as CEO of Samsung Display, head of the company's components arm, and Vice Chairman.

Mr Choi Gee Sung, Lee's mentor, quit earlier this year for his alleged role in the bribery scandal, and Samsung Electronics now needs to fill several more key roles with Mr Kwon's exit.

Kwon is stepping down as head of Samsung Electronics' device solutions division, which includes the semiconductor business, and will not seek re-election as a member of the company's board when his term ends next March. "It has not been an easy decision, but I feel I can no longer put it off", Kwon said in an English statement.

Experts equally noted that the company was making record earnings right now, but this is the fruit of past decisions and investments and that the firms are not able to even get close to finding new growth engines by reading future trends right now.

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"I am anxious about a leadership vacuum at a time when Lee is absent from management", said Mr Chung Sun Sup, chief executive of research firm Chaebul.com, following Mr Kwon's announcement. "Nobody wants to be the chief of Samsung at a time like this; it's too risky", said Park. Kwon's departure from Samsung makes way for a new management that can finish the company's delayed reshuffle of its top executives. It's also seeking to release a phone with a bendable display next year to tighten the lead with Apple and fend off challenges from Huawei, Oppo and other Chinese rivals.

Yet, Kwon insists that the strong profits don't reflect the current state of the company. 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.

Despite posting record revenue for the quarter, electronics giant Samsung is struggling.

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