Samsung CEO, Kwon Oh-hyun, Resigns Due To 'Unprecedented Crisis'

"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", he wrote.

The prosecutors and Samsung lawyers sparred Thursday during a first hearing by the appeals court on the effort by Lee Jae-yong, Samsung's vice chairman and de facto leader, to have his five-year prison sentence overturned. Lee Jae-yong's conviction was part of a bribery scandal that reached all the way to the president of South Korea, Park Geun-hye, who was impeached previous year is also serving time in prison.

Back at Samsung headquarters, Kwon said he will step down next March, when his term as board chairman ends.

"I am anxious about a leadership vacuum at a time when Lee is absent from management", said Mr Chung Sun Sup, chief executive of research firm Chaebul.com, following Mr Kwon's announcement.

Sales are expected to have surged 29.65 percent year-on-year to 62 trillion won, with the booming semiconductor business boosting the company's bottom line.

"[Samsung] has been showing record performances", Kwon said.

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'We are fortunately making record earnings right now, but this is the fruit of past decisions and investments.

Kwon, also known as Mr. Chip, was in charge of Samsung's component business.

"

"In any case, Samsung appears to have re-established some pretty solid footing this year, becoming a pioneer in mobile biometrics technology with the iris scanning capabilities of its award-winning Galaxy S8 devices and the newly-released Note 8 smartphone."

".

Kwon joined the company in 1985 as a researcher of the company's Semiconductor Research Institute in the United States.

But Samsung did not celebrate the news for long, following up the rosy earnings guidance by announcing the resignation of a top executive. Samsung Electronics is the crown jewel of a conglomerate comprised of about 60 units selling life insurance, cargo ships and clothes. Kwon will also recommend a successor for his position, a Samsung spokesperson said.

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