Samsung CEO Kwon Oh-Hyun Announces Shock Resignation, This Is How Market Will Get Affected From This

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Samsung Electronics Co Ltd CEO and Vice Chairman Kwon Oh-Hyun plan to step down from management. The company has announced his retirement leading to a leadership vacuum at the tech giant after group scion Jay Y. Lee was jailed for bribery.

Samsung CEO Kwon Oh-Hyun Announces Shock Resignation
Source: The Financial Express

Why Is It A Surprise Resignation?

Kwon was expected to take a bigger role following Lee’s arrest in February and interestingly, his resignation came on the same day when Samsung forecast record third-quarter operating profit.

Park Ju-gun, head of research firm CEO Score said:

“The timing is nonsensical. Samsung tipped record earnings, it’s going to be better in the fourth-quarter, and all that’s been driven by Kwon’s components business.”

Kwon Was Samsung Group No. 2

Kwon Oh-Hyun was seen as Samsung Group No. 2 as he heads the components business – including memory chips and the display business. He is also chairman of the board and a board director.

Samsung CEO Kwon Oh-Hyun Announces Shock Resignation
Source: Reuters UK

Kwon’s Farewell Statement

Kwon said in a statement that the time had come to “start anew with a new spirit and young leadership”.

“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.”