CEO of Samsung Electronics resigns

According to recent reports in South Korea, Samsung has announced that their CEO and Vice Chairman of Samsung Electronics Kwon Oh-Hyun has plans to step down from his designation. He is known as “Mr.Chip” and this news surfaced when Samsung delivered a preliminary earnings forecast that says it will pull in its biggest operating profit ever in its third quarter on the back of skyrocketing memory chip prices.

Kwon is the Chief Executive Officer, heading the device solutions division and its chip business, at Samsung Electronics, which also has two other CEOs, Jong-Kyun Shin for IT and mobile communications and Yoon Boo Keun for consumer electronics.

This resignation has come as a shock, as Mr.Chip has played a very important part in the company. After the scandal of the Chairman de facto leader Jay Y. Lee, who was arrested in February on bribery charges and has since been convicted and jailed for five years Kwon Oh Hyun managed the company. 

I believe the time has come for the company to start new, with a new spirit and young leadership to better respond to challenges,” Kwon Oh Hyun said in a statement to the press.

Samsung’s memory chip success has made this resignation even more surprising. The man is known for his hard work for the unit’s growth since 2008. It’s said that Samsung’s memory business now generates the lion’s share of the company’s profits, dwarfing revenue even from its smartphone business.

Kwon Oh Hyun 64, has spent more than half his life working at Samsung, though he will be not be leaving his position as the Chief Executive Officer until next March. The company has denied in giving any comments to who might replace the CEO.

 

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