CEO and Vice Chairman Kwon Oh-hyun Resigned from the post

CEO and vice chairman of Samsung Electronics Co ltd Kwon Oh-Hyun has decided to quit the post from management. In his leadership Samsung forecast record third quarter profit. The resignation came as many thinks Kwon will get even big responsibility and bigger role after the arrest of Scion and the departure of other executives.

Kwon said in a resignation letter “I believe the time has come for the company to start anew with new sprit and young leadership to better respond to challenges. 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."

Chung Sun-sup, chief executive of research firm Chaebul.com, said "I’m surprised surprised and curious about why he is quitting despite record profits. I'm also worried about a leadership vacuum at a time when Lee is absent from management”.

Kwon also known as Mr. Chip who played a important role in Samsung component business which is now generating high profit.

He cemented Samsung Electronics' position in memory chips and expanded the contract chip manufacturing business.