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Samsung Electronics CEO announces plans to step down, cites ‘unprecedented crisis’

Samsung Electronics CEO announces plans to step down, cites ‘unprecedented crisis’

by Ahmad GorayaOctober 13, 2017

In a stunning growth, Samsung Electronics’ CEO Kwon Oh-hyun has introduced that he’ll step down from all his present roles and tasks subsequent 12 months in March. He is at present additionally the CEO of Samsung Display.

Kwon revealed his plans in a letter despatched to firm workers. “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,” he mentioned.

Citing ‘unprecedented disaster’ dealing with the corporate, the letter says it is time for the corporate to transfer forward below a younger management.

“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.”

Needless to say, the disaster the 64-year outdated is referencing does have its roots within the 5-year jail time period awarded not too long ago by a South Korean court docket to the corporate’s billionaire heir-apparent Lee Jae-yong for corruption.

Kwon has held the place of Samsung Electronics CEO since 2012. The tech big is but to announce a successor. It’s price mentioning that apart from Kwon, the corporate has two different co-CEOs.

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