
Kwon plans to resign as head of Samsung's semiconductor and component business and will not seek re-election on the company's board when his term expires in March, Samsung said in a statement.
The announcement of Kwon's resignation comes as a surprise and his reason for leaving is a bit vague.
"Because we are faced with an unprecedented crisis, I believe that the time has come, to a company headed by new leadership in order to better respond to the challenges arising in the rapidly changing IT industry", he said. While the latest financial results show Samsung's business units operating smoothly, that in itself may present risks for Kwon, said Park Ju-gun, who tracks corporate executives at CEOScore. "There are no words to describe how proud I am that we built together one of the most valuable companies in the world. It has not been an easy decision, but I feel I can no longer put it off". Kwon, 64, also said he has nothing more to give to the company that he has served half is life and is keen to move over to the next phase of his life.
Kwon, also known as Mr. Chip, was in charge of Samsung's component business.
Kwon first joined Samsung back in 1985 as a researcher of the company's Semiconductor Research Institute in the US.
Samsung had a great quarter, thanks mainly to the increasing demand for memory chips with large storage capacities.
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The CEO expressed hope that his retirement will become an opportunity for Samsung to take the next step forward.
Samsung Electronics Co Ltd said on Friday its third-quarter operating profit likely almost tripled from a year earlier to a new record, beating analyst estimates, as strong memory chip prices fattened margins.
The positive outlook was tempered by news of Kwon's departure, a veteran serving as one of three co-CEOs at Samsung Electronics.
The Apple Inc smartphone rival and global memory chip leader said third-quarter operating profit was likely 14.5 trillion won ($12.81 billion), compared with the 14.3 trillion won average of 20 analyst estimates in a Thomson Reuters poll. Choi Gee-sung, Samsung's chief executive and president at the company's digital media division, also resigned earlier this year.
At the time of writing this report, it was not clear who would be taking over from Kwon Oh-hyun as CEO.
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