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14 October 2017, 12:51 | Ross Houston
Samsung CEO of 32 years resigns over 'unprecedented crisis'
Samsung is doing great in terms of profits and revenue, but is witnessing stressed times at the top level management.
Indicating a sharp recovery in earnings from last year's Note 7 fiasco, South Korean tech giant Samsung Electronics said on Friday its third-quarter operating profit is expected to have almost tripled compared to the previous year, apparently on the sound returns from its computer chip business.
Samsung's vice-president and heir Lee Jae-yong, after being arrested under an investigation into corruption and political penetration scandal that led to dismissal of state President Park Geun-hye's powers, is a major role in company Kwon Oh-Hyun has resigned.
"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 in his statement".
It was announced to all the employees in the company through a letter where Kwon stated that his retirement is one of the most hard things for him to do, but he sees his decision is in the best interest of the company. The unexpected move came, Kwon said, as Samsung faced "unprecedented crisis".
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Samsung expects sales in the three months ended 30 September to hit 62 trillion won ($54.9 billion), with quarterly profits forecast at 14.5 trillion won ($12.8 billion), a near 300 per cent increase over the previous year.
Samsung has done well in recent quarters on the back of strong demand for memory chips. On the other hand, 128-gigabyte MLC NAND flash memory chips surged 4.7% in the same period, according to inSpectrum Tech Inc.
"The release of new models, including the iPhone X by rival Apple Inc., could weigh down on the mobile business, but it will at the same time help Samsung's parts business", said Doh Hyun-woo, analyst at Mirae Asset Daewoo Securities Co.in a report. In the near future, the company may not have any public face that can interact with the outside world, Chung told Bloomberg.
Samsung has two other chief executives who oversee its mobile phone business and home appliance divisions. "I think the company is going to be fine".
Kwon will serve the company until his successor is found and the new management team is set.
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COPYRIGHT VIOLATION WARNING: This report was originally published by StockNewsTimes and is the property of of StockNewsTimes. Pekin Singer Strauss Asset Management Il owns 0.11% invested in Bank of America Corp (NYSE: BAC ) for 27,640 shares.