Samsung's CEO Kwon Oh-Hyun announces his resignation after 32 years

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Samsung Electronics is one of the most popular brands in the world and its products are used widely around the globe. While the company has achieved huge success and even the sales for 2017 has been consistently strong, apparently, its CEO, Kwon Oh-Hyun will be departing from the company.

Samsung's CEO Kwon Oh-Hyun announces his resignation after 32 years

As far as we know big changes are happening behind the scenes and Kwon Oh-Hyun has now announced that he's resigning from his position at Samsung Electronics. Apart from this Kwon Oh-Hyun who also serves as the CEO and board member for Samsung Display will be resigning from all of his roles by March of 2018.

His resignation letter reads, "It is something I had been thinking long and hard about for quite some time. It has not been an easy decision, but I feel I can no longer put it off. 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."

But here if you have observed there is something interesting, the word he uses "unprecedented crisis." While we have no clue what this crisis is actually and he does not disclose it in his resignation letter, it could be the incident related to Jay Y. Lee prison sentencing earlier this year. Jay Y. Lee, Vice Chairman of Samsung Electronics Co., was convicted of bribery and sentenced to five years in prison, a blow to the heir apparent of the world's biggest maker of smartphones and memory chips.

At the time no sign was presented as to how this would impact Samsung's business going forward. Now Kwon Oh-Hyun's resignation seems to be the first sign of where Samsung is going.

Kwon Oh-Hyun in his letter has also said, "There are no words to describe how proud I am that we built together one of the most valuable companies in the world. We have come a long way to create a company that truly changes how people live, work and communicate with each other. But now the company needs a new leader more than ever and it is time for me to move to the next chapter of my life."

In any case, as Oh-Hyun has played a big role in the company it'll be interesting to see whether his departure will make any difference to the company or not. Meanwhile, Samsung is yet to announce the successor to Kwon Oh-Hyun.


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