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Why is Samsung CEO resigning?

Samsung Electronics’ CEO, vice chairman, and the head of its whole business Kwon Oh-Hyun is resigning. He has taken the decision to step down from his CEO position along with all his posts on the board.

The explanation given by him as to his decision is this. He gave this to his employees:

“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. 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 from the rapidly changing IT industry.”

“Now The Company Needs A New Leader More Than Ever.”

Now the crisis he is referring to is most likely the imprisonment of Lee Jae-Yong, the de facto leader of the entire Samsung group. He was charged with corruption. Now Kwon’s resignation just makes the whole situation more scandalous.

If we look into Samsung’s performance in the market, it’s quite commendable. The recent launch of Samsung Galaxy Note 8 was a success. Samsung rules the smartphone market all around the world.

Kwon further wrote in his letter that, “There are no words to describe how proud I am that we built together one of the most valuable companies in the world. We have come a long way to create a company that truly changes how people live, work and communicate with each other. But 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.”

Interesting: Samsung Galaxy Note 9 to come with a unique feature

Kwon was the CEO of Samsung Electronics since 2012 and he became Samsung Display CEO in 2016. He became part of the company in 1985 and since then he rose to the position of success. Who will replace him, is a question even Samsung might not know the answer yet.