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Samsung chief Kwon Oh-hyun steps down

Samsung chief Kwon Oh-hyun steps down”

The chief executive officer (CEO) of Samsung Electronics is stepping down in a surprise resignation after decades at the company, saying the business needed new leadership following a bribery scandal that led to the imprisonment of its de facto chief.

But Samsung did not celebrate the news for long, following up the rosy earnings guidance by announcing the resignation of a top executive.

Lee Jae-yong is the son of Lee Kun-hee, the chairman of Samsung Group, and is seen as the company's heir apparent.

"He's been working for the position for long time, it's natural transition", Kim said.

"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", Kwon said.

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Kwon also shared his sense of pride and honor with his employees, thanking them for their dedication and commitment to Samsung.

Previously, the company Samsung for the first time surpassed Apple in terms of revenue for the three months. Before he became one of Samsung's CEOs in 2012, he also served as the president and head of both the System LSI Division and the Semiconductor Business. But it could also encompass Samsung's recall fiasco with the Note7 smartphone previous year, with the flagship smartphone having to be pulled off of market shelves due to a fire hazard with its charging mechanism. Operating profit is expected to leap to KRW 14.4-14.6 trillion from 5.2 trillion year-on-year.

Yonhap Infomax data, based on research from 21 securities firms, also showed Samsung is expected to post an operating profit of 16 trillion won in the fourth quarter, up 74 percent from a year earlier. Gee-sung stepped down after it become know he was allegedly involved in Lee's bribery scandal, according to Reuters. 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.

The Telegraph reports that 32-year Samsung veteran Kwon Oh-hyun announced his departure in a letter to staff.



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