Samsung CEO Kwon Oh-Hyun resigns

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Samsung Electronics Vice Chairman and CEO Oh-Hyun Kwon have decided to step down from company management on Friday.

It was a surprise resignation came after its de facto chief was allegedly jailed in the connection with corruption charges.

It was reported that Kwon Oh-Hyun allegedly resigns citing an “unprecedented crisis”.

It is believed that Samsung Electronics chief executive Kwon Oh-Hyun has been the public face of the company.

In a letter to the employees, Kwon Oh-Hyun wrote, “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 in the rapidly changing IT industry”.

Reports say he will remain on the board of Samsung Electronics until March 2018.

Kwon Oh-Hyun said in his letter, “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”.

The company is set to release its final earnings report this month.

The main products of the company DRAM and NAND memory chips which are used in smartphone have reportedly seen an increase in the prices and shipments.

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