Samsung CEO to resign despite record Q3 earnings

by Susie Olson October 14, 2017, 0:42
Samsung CEO to resign despite record Q3 earnings

Kwon, however, thinks Samsung is in crisis and urgently needs to find new ways to fuel growth before the record-breaking performance resulting from earlier decisions fades.

Kwon did not mention the scandal, but said the company now needed a new leader: "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".

The prosecutors and Samsung lawyers sparred Thursday during a first hearing by the appeals court on the effort by Lee Jae-yong, Samsung's vice chairman and de facto leader, to have his five-year prison sentence overturned.

This is a completely unrelated issue, apparently, which came to light earlier this week courtesy of a report which asserted that Kwon Oh-hyun, Samsung's acting Chief Executive Officer of 32-years, will be resigning in March, 2018, citing an "unprecedented crisis" of vague proportions.

Brendan Steele retains Safeway Open title with two-shot victory
But he missed a short putt for birdie on the 16th and a short putt for par on the 17th. "I hit a good putt on 18". Mickelson, who finished eighth here a year ago , is seeking a first win since the 2013 Open Championship .

Lee Jae-yong is the son of Lee Kun-hee, the chairman of Samsung Group, and is seen as the company's heir apparent. Semiconductors were Samsung's top earner in the three months through June, making a whopping $7.20 billion. He also served as president and head of the System LSI Division and as president and head of the Semiconductor Business before becoming CEO of the company in 2012.

"He's been working for the position for long time, it's natural transition", Kim said. Kwon eventually became the CEO of Samsung Display in 2016. Operating income nearly tripling to a record 14.5 trillion won ($12.8 billion) in the three months ended September, according to preliminary results. Gee-sung stepped down after it become know he was allegedly involved in Lee's bribery scandal, according to Reuters.

Kwon Oh Hyun announced his retirement on October 13. Samsung hasn't given out information on the timing of succession, nor did it share who will take on Kwon's responsibilities when he leaves next year.


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