Technology

Samsung projects record operating profit as key executive Kwho Oh-hyu resigns

Samsung projects record operating profit as key executive Kwho Oh-hyu resigns”

In his statement, Kwon said he made a decision to leave Samsung because the company is facing an "unprecedented crisis".

While expressing concern that the company was "confronted with unprecedented crisis inside out", alluding to the conviction of its leader, Kwon said he hopes his resignation can be a good opportunity for the company to turn things around and make bold attempts at innovation.

Kwon had emerged as the public face of after Jay Y Lee, grandson of the company's founder, was detained on corruption charges and then sentenced to five years in prison in August amid a scandal that brought down South Korea's president.

Mr Choi Gee Sung, Lee's mentor, quit earlier this year for his alleged role in the bribery scandal, and Samsung Electronics now needs to fill several more key roles with Mr Kwon's exit.

For the third quarter, Samsung is expected to report operating profits up to 14.3 trillion won or $12.51 billion, according to Thomson Reuters analysts.

Samsung will lose another major executive soon.

"It is something I had been thinking long and hard about for quite some time", Kwon said in a statement.

Samsung shares were trading at a new record high of 2.74 million won as of Thursday, as investors bet on record earnings in 2017 driven by growing demand for memory chips with ever greater processing power. "We have come a long way to create a company that truly changes how people live, work and communicate with each other", Kwon added. 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 himself might have thought over the issue for a long time", a Samsung spokesperson said, "but the notice itself was a surprise internally as well". "Nobody wants to be the chief of Samsung at a time like this; it's too risky", said Park. Kwon is also the chairman of the board and leads the component unit of the business that manufactures memory and display chips. While Samsung was battered past year following the Galaxy Note 7 debacle, it seems to have bounced back and will soon announce a much rosier financial position.



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