Samsung Electronics CEO Kwon Oh-hyun to retire after March 2018

Samsung Forecasts Record Q3 Profits As CEO Announces Resignation Amid 'Unprecedented Crisis'

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.

More news: BlackBerry's new Motion smartphone launches with no keyboard and a 4000mAh battery
More news: Turkish-backed forces starting 'major operation' in Syria's Idlib province
More news: Premier League to decide on new TV money plan

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.

Related News:

  • Grigor Dimitrov has got inside Rafael Nadal's head - Annabel Croft

    Grigor Dimitrov has got inside Rafael Nadal's head - Annabel Croft

    Del Potro received lengthy treatment to the area - which has undergone surgery in the past - before battling through 4-6 6-1 6-4. Rafael Nadal has tied Andre Agassi for sixth place on the list of Open Era wins by reaching the Shanghai Masters semi-finals.
    Save Tweets On Twitter Soon

    Save Tweets On Twitter Soon

    Besides the addition of the bookmarking feature, the general layout will also be shuffled, changing the way tweets are presented. Many have turned to liking and Retweeting to bookmark, with others even direct messaging themselves to save tweets .
    Dianne Feinstein to Seek Sixth Senate Term Amid Criticism From Left

    Dianne Feinstein to Seek Sixth Senate Term Amid Criticism From Left

    Feinstein said she supports DACA, but acknowledged the administration's argument that the order is on shaky legal ground. The progressive group CREDO recently confronted Feinstein in her office to urge her to block Trump's judicial nominees.
  • Sylvester Stallone to Direct and Produce

    Sylvester Stallone to Direct and Produce

    Jordan is a bona fide star, and we know the two have chemistry from the first Creed . Stallone will take over Ryan Coogler as the film's director with Michael B.
    Behrendorff the catalyst as Australia level T20 series

    Behrendorff the catalyst as Australia level T20 series

    India are Sky Bet's 4/7 favourites to win Friday's series-decider , with Australia available at 11/8. And Dorff bowling there, taking four for in his first real spell.
    Paralympian Tatyana McFadden wins seventh straight Chicago Marathon in record time

    Paralympian Tatyana McFadden wins seventh straight Chicago Marathon in record time

    I really wanted to wait. "I felt a little gap pulling away and then I said I've just got to put down the hammer and pull away. The time made her the second-fastest American marathoner in history behind only Deena Kastor, who clocked 2:19.36 in 2006.
  • Police probe Canadian vehicle  attacks, stabbing as 'acts of terrorism'

    Police probe Canadian vehicle attacks, stabbing as 'acts of terrorism'

    "As we gather more information in evidence that will obviously be reassessed and if warranted, further charges will be pursued". About three hours later, a police officer pulled over an U-Haul truck at a checkstop.
    BSF camp attacked by JeM in Srinagar- Pak terror groups still unstoppable?

    BSF camp attacked by JeM in Srinagar- Pak terror groups still unstoppable?

    Flights to and from Srinagar International Airport were initially suspended after the attack, but were resumed later on Tuesday. The terrorists, according to BSF officials are holed up inside the building campus of the 182nd Battalion camp.
    IPhone 8 Plus Users Complain About Device Splitting Open

    IPhone 8 Plus Users Complain About Device Splitting Open

    This was a smart move on Apple's part because many people like the design of the iPhone and prefer for it to remain the same. Using the 5W charger which comes with the iPhone 8 Plus , we filled 38 percent of the battery in an hour.
  • Trump at medical center to meet with victims

    Trump at medical center to meet with victims

    Three minutes later, the wounded security guard told Las Vegas police he'd been shot and directed officers to the gunman's room. He took his own life before police stormed his room, where they found as many as 23 guns, bringing the total death toll to 59.
    Woman who lived with Las Vegas shooter described as 'person of interest'

    Woman who lived with Las Vegas shooter described as 'person of interest'

    Investigators say that the shooting rampage was meticulously planned and included specially modified weapons. Clark County Undersheriff Kevin McMahill said the shooting spanned between nine and 11 minutes.

    Walmart Prematurely Lists Google Home Mini & Its $49 Price

    Coming to the pricing, Pixel 2 is expected to be priced at $650/$750 while the Pixel 2 XL is expected to be priced at $850/$950. Furthermore, there are speculations that Google could also be introducing a larger and more premium models.


Most liked

Amazon is now going after teens
Reflecting how kids use the internet these days, the new shopping system only works through the Amazon mobile app. To get started, parents can visit amazon.com/forteens or sign up via a text or email invitation from their teens.

Trump denies seeking almost tenfold increase in U.S. nuclear arsenal
During his presidential campaign, Trump said a number of alarming things about nuclear strikes . The license Trump refers to is that granted by the Federal Communications Commission.

United States Announces Withdrawal From UNESCO, Cites 'Anti-Israel Bias'
But, in 1984, then-President Ronald Reagan withdrew the country from the organization, citing corruption. UNESCO's executive board plans to select her successor Friday in a secret ballot.

United States bombers fly over Korean Peninsula in show of force
Commenting on the news is Chris Doman, security researcher at AlienVault, who is investigating hacking groups in North Korea. Cheol-hee is a member of the South Korea's ruling party, and sits on the parliament's defence committee.

Australia fails to live up to International Monetary Fund forecast
The erosion of confidence in growth is seen even more clearly when compared with the IMF's forecasts from six months ago. Egypt's average consumer price inflation for 2017/18 is projected at 21.3 percent, according to the report.

'Serena will be back': Australian Open director backs Williams' return
The women's singles trophy will be presented by Billie Jean King, 50 years after she won her first Australian Open title. The tournament will mark the Grand Slam return of Serena Williams , who missed much of the 2017 season while pregnant.

Google Pixel 2 XL vs. Apple iPhone X - Let the Battle Begin
Since Google launched the second generation of its Pixel phones, both Pixel 2 and Pixel 2 XL have been the talk of the town. The Galaxy Note 8 comes in close, with a 94 rating, however, it isn't as impressive as the camera of the Google Pixel 2 XL .

Aamir ruled out of Lanka ODI series
He had been on 10 when he set off for a sharp single from the non-striker's end, only to be sent back belatedly by his partner. Mohammad Abbas made the initial breakthrough, getting Kaushal Silva to nick a straightening ball behind.

Bulgaria vs France World Cup Qualifying UEFA Venue, Kick-off Time, Predicted Lineups
Greece could also finish second in the group as they trail Bosnia-Herzegovina by a point ahead of their trip to Cyprus . Cristiano Ronaldo finally opened the scoring in the 63rd minute before André Silva secured the win in the 86th.

Iowa State QB Jacob Park on personal leave with 'medical concerns'
Iowa State broke a tie on Kempt's 25-yard pass to Allen Lazard , who made a spectacular coach in the end zone with 2:19 to play. Iowa State coach Matt Campbell is not certain of a timeline for Park's return, and said he can not discuss issue.

McCarty makes qualifying debut as USMNT inches closer to Russian Federation
Wood had problems on the night, but he was undoubtedly a positive force. "He scores goals, but he's a great passer". Captain Michael Bradley served in defensive midfield in front of center backs Omar Gonzalez and Matt Besler.

Saudi Arabia considers buying Russia's S-400 air defence system
Russian Foreign Minister Sergei Lavrov in an interview has said that the visit of King Salman would contribute to stability in the Middle East.

Google Store is now a Google-only store
In the Google Play Store Google Assistant isn't actually the app, but the other form of accessing its features. And in case you want to go a bit deeper into the app, you must know that the app does another important task.

Here's a Preview of Halo Recruit Running in Mixed Reality
If the listing is anything to go by, Samsung's Odyssey Mixed Reality headset will cost $500 and will be released on November 6th. With more than 20,000 apps in the library - including Cortana, as demonstrated onstage - that's a lot of content from day one.

Monday weather: Gradually clearing skies, and highs around 66
A few showers are possible Saturday morning, Borremans said, with increasing sunshine and a high of 66. Lows through this period will be in the mid/ upper 60s with cloudy skies and lingering rain chances.