Industry

Samsung CEO Kwon Oh-hyun resigns amid strong guidance for Q3

Samsung CEO Kwon Oh-hyun resigns amid strong guidance for Q3”

Kwon has served as a vice chairperson at Samsung since 2012 and also served as a senior executive at the company's display division since past year.

His decision to resign comes at a time when the company tries to clean up its reputation amidst bribery case.

The departure of Kwon Oh-hyun, 64, raises concerns about leadership at the company, which is still reeling from the imprisonment in August of Lee Jae-yong, head of Samsung Group, for his involvement in South Korea's biggest political and corporate scandal for decades.

Samsung expects sales in the three months ended 30 September to hit 62 trillion won ($54.9 billion), with quarterly profits forecast at 14.5 trillion won ($12.8 billion), a near 300 per cent increase over the previous year. He said the company is "confronted with unprecedented crisis inside out" and needs "a new spirit and young leadership to better respond to challenges". If Kwon is right, Samsung won't catch up anytime soon. Kwon claimed he had been thinking about leaving "for quite some time" and could "no longer put it off" - The BBC reports.

"We are fortunately making record earnings right now, but this is the fruit of past decisions and investments; we are not able to even get close to finding new growth engines by reading future trends right now", Kwon said in a statement. "There are no words to describe how proud I am that we built together one of the most valuable companies in the world".

84-year-old senator Dianne Feinstein is running for re-election next year
California Democrats have been anxiously circling Feinstein's seat, hoping she would create an opening for them by retiring. She's an institution, and has a formidable political operation that's been around forever", the strategist told me.

Turkish President Announces 'Serious Operation' In Northern Syria
The spokesman noted that the establishment of a de-escalation zone in rebel-held Idlib Province would start in the coming days. The Observatory put the death toll at 11 saying it was likely to climb as search and rescue operations continued.

Attack on Security Base in Indian-controlled Kashmir Leaves 4 Dead
Besides the AK 47 rifles and pistols, some grenades were also recovered from the possession of the militants, said officials. The body of the second terrorist is yet to be retrieved. "Three personnel have been injured".

Samsung shares were trading at a new record high of 2.74 million won as of Thursday, as investors bet on record earnings in 2017 driven by growing demand for memory chips with ever greater processing power.

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

"Kwon himself might have thought over the issue for a long time", a Samsung spokesperson said, "but the notice itself was a surprise internally as well". Choi Gee-sung, Samsung's chief executive and president at the company's digital media division, also resigned earlier this year. Kwon said he will not seek re-election as a member of the board of directors and chairman of the board when his term ends in March of next year.

Samsung CEO Kwon Oh-hyun has announced his resignation from the company.



Like this

Latest


14 October 2017
ATP Shanghai: Grigor Dimitrov produces incredible comeback to oust Ryan Harrison
Next up for the 31-year-old is Croatian Marin Cilic , who beat Albert Ramos-Vinolas 6-3 6-4 in another quarter-final. I should hit that ball with the backhand, but I chose to go with the forehand before he hit the ball.

11 October 2017
Cahill the hero as Socceroos see off Syria
Order was restored just a few minutes later, when Socceroos captain Cahill netted his first of the night with a trademark header. Mark Milligan's stray pass in midfield was pounced upon by Tamer Haj Mohamad , who drove at the heart of the Australia defense.

10 October 2017
Google posts first unedited Pixel 2 camera photos and they look stunning
The Pixel 2 XL also listens for any music playing nearby, identifies the song and displays the title and album on the lock screen. The search giant unveiled the Google Pixel 2 and Pixel 2 XL a few days ago and the phones will start selling in the coming weeks.

09 October 2017
Amir ruled out of Sri Lanka ODI series
The left-arm pacer will not bowl in the ongoing second Test at the Dubai Cricket Stadium but would be available to bat. Their reward for holding it together was a fortuitous umpiring decision on the penultimate over of the match.

09 October 2017
Galen Rupp and Tirunesh Dibaba Are Chicago Marathon Champions
Joan Benoit Samuelson held the previous fastest American woman in Chicago (2:21:21) from October 20, 1985 until Sunday. Rupp, 31, was the first American man to win the Chicago Marathon since Morocco-born Khalid Khannouchi in 2002.

08 October 2017
White House fails to explain Trump's 'calm before the storm' comment
President Donald Trump's cryptic comment as he posed for pictures with top military leaders Thursday is drawing scrutiny. This is not normal, and the American people should reject Trump's behavior at every opportunity.

06 October 2017
Terrorism, attempted murder charges pending in Edmonton truck attack
According to Edmonton Police Chief Rod Knecht, a flag of the terrorist group Daesh (ISIS) was found in the vehicle. The van "peeled" into an alley where people were smoking, he said. "It's not who we are", Notley said Sunday.

04 October 2017
Indian football team gets boost ahead of mega-event
In all, 12 of the 21 players on the roster come from Major League Soccer clubs. India are in Group A along side the United States, Colombia and Ghana.

04 October 2017
MLB Testing Contactless Ticketing With iPhone & Apple Watch
There's a new glass back design, a True Tone display, upgraded cameras, A11 Bionic chipset, wireless charging and other changes. The design of the iPhone 8 is nearly exactly the same as the iPhone 7 , which was nearly exactly the same as the iPhone 6.

04 October 2017
Some Google Pixelbook Details Leaked
The big advantage of going Google is that you inevitably get the first bite of the new operating systems when they emerge. It can also act like a smart hub, which will able to control several smart home devices as well as Nest.



Recommended