Samsung CEO Resigns
The CEO of Samsung Electronics, Kwon Oh-Hyun resigned Friday, saying the South Korean tech giant was facing an "unprecedented crisis".
This is even as the tech giant says it is expecting profits to hit an all-time high of 14.5 trillion won ($12.8 billion) in the third quarter.
Kwon's resignation comes as the company struggles to overcome a bribery scandal that sent Lee Jae-Yong, its de-facto head and heir to the Samsung empire, to jail.
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, nearly tripling the 5.2 trillion won earned a year earlier.
AFP reports that sales are expected to have surged 29.65% on-year to 62 trillion won, with the booming semiconductor business boosting the company's bottom line.
Despite the spectacular performance, CEO Kwon said the company was in the throes of an "unprecedented crisis" as he announced his intention to step down.
"Fortunately, the company is now producing best-ever results but this is merely a fruit of decisions and investment made in the past", he said in a statement.
"As we are confronted with unprecedented crisis inside out, I believe that time has now come for the company (to) start anew, with a new spirit and young leadership to better respond to challenges arising from the rapidly changing IT industry", Kwon said.
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