Today, Samsung Electronics CEO Kwon Oh-hyun resigned, claiming the tech giant is facing an “unprecedented crisis.” Meanwhile, the company is expected to report record quarterly profits.


Samsung Photo credit: Reuters/ Channel 2 New

Today (Friday), Samsung Electronics CEO Kwon Oh-hyun resigned and announced that the South Korean conglomerate is facing an “unprecedented crisis.” This, despite the company’s expected record quarterly profits.

“It is something I had been thinking long and hard about for quite some time,” Kwon said. “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 start anew, with a new spirit and young leadership to better respond to challenges arising from the rapidly changing IT industry.”

Kwan’s resignation comes after Samsung chief Lee Jae-yong was convicted of bribery and embezzlement and sent to jail. Another crisis that the tech giant had to deal with this year was a huge recall of the Galaxy Note 7, after reports that the device kept exploding.