Samsung Electronics CEO resigns, says company is in "unprecedented crisis" ars_ab.settitle(1186199)

The Latest: Head of Samsung semiconductor unit to resign

His departure from office Oh-Hyun Kwon explained, "an unprecedented crisis", saying that the company in the current environment should lead to new leadership.

His decision to resign comes at a time when the company tries to clean up its reputation amidst bribery case. We're not talking about the company's self-described "dismal state", or another Galaxy Note device gone up-in-flames, or the tech-giant's latest debacle, which saw its chairman Lee Jae-yong imprisoned for five years following his sentencing on charges of bribery, corruption, and perjury.

The "unprecedented crisis" that Kwon may be alluding to is the arrest of Lee Jae-yong, the de facto leader of the Samsung.

"He's been working for the position for long time, it's natural transition", Kim said.

Kwon also shared his sense of pride and honor with his employees, thanking them for their dedication and commitment to Samsung.

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Samsung expects sales in the three months ended September 30 to hit 62 trillion won ($54.9 billion). While Lee Kun-hee is expected to keep the title of "Chairman" for life, medical issues have caused him to step away from Samsung, and Lee Jae-yong had been running the company since 2014. Operating income nearly tripling to a record 14.5 trillion won ($12.8 billion) in the three months ended September, according to preliminary results.

The company forecast bumper quarterly earnings on Friday, putting it on track to post a record operating profit for the period. But it could also encompass Samsung's recall fiasco with the Note7 smartphone past year, with the flagship smartphone having to be pulled off of market shelves due to a fire hazard with its charging mechanism.

With Kwon's resignation, there's uncertainty with the leadership at Samsung. He was appointed chief executive in 2012.

Kwon Oh-hyun, who also serves as co-vice-chairman, announced his retirement on Friday as the Suwon-based company reported record operating income of 14.5 trillion won ($12.8 billion) on booming demand for displays and memory chips.

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