Samsung Electronics CEO resigns.




Samsung Electronics chief executive Kwon Oh-hyun has resigned citing an “unprecedented crisis”.Kwon is one of three co-chief executives of Samsung Electronics.

Kwon said he had been thinking about his departure “for quite some time” and could “no longer put it off.”

In a statement he said, “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.”

Samsung Electronics is regarded as the jewel in the crown of the Samsung Group conglomerate, which is made up of 60 interlinked companies and is one of South Korea’s massive family-run businesses known as chaebols.

In August, the group’s heir apparent Lee Jae-yong was convicted of bribery and corruption and sentenced to five years in jail.