Samsung CEO Kwon Oh-hyun resigns amid strong guidance for Q3

Samsung CEO Kwon Oh-hyun

In a letter to employees, Kwon noted that as the firm is "confronted with unprecedented crisis inside out, I believe that time has now come for the company start anew, with a new spirit and young leadership to better respond to challenges arising from the rapidly changing IT industry".

Kwon, a semiconductor engineer, has met with President Moon Jae-in and attended events both at home and overseas since Lee was detained in February on corruption charges.

The chairman of Samsung Electronics Co.'s board of directors, who has been the public face of the company after its de facto chief was jailed on corruption charges, said Friday he will resign next year to make way for a new leader. "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".

The boost was driven by strong sales from Samsung's semiconductor business, which supplies memory chips for rival phone makers like Apple.

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For the third quarter, Samsung is expected to report operating profits up to 14.3 trillion won or $12.51 billion, according to Thomson Reuters analysts.

"In any case, Samsung appears to have re-established some pretty solid footing this year, becoming a pioneer in mobile biometrics technology with the iris scanning capabilities of its award-winning Galaxy S8 devices and the newly-released Note 8 smartphone". The departure of 32-year Samsung veteran Kwon after five years in the top job comes at a time of leadership uncertainty at the company. Kwon has served as a vice chairman at Samsung Electronics since 2012 and also served as a senior executive at the company's display division since a year ago.

Kwon first joined Samsung Electronics in 1985. Oh-Hyun Kwon will leave not only that post but also his positions as CEO of Samsung Display, head of the company's components arm, and Vice Chairman.

"The company has been riding a global semiconductor boom", he said, adding the semiconductor business alone is believed to have contributed 10 trillion won to the operating profit. He also has served as the CEO of Samsung Display since 2016.

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