Thursday, 23 November, 2017

Kwon bids adieu to Samsung Electronics Empire, says time for young leadership

Samsung CEO Kwon Oh-hyun Samsung CEO Kwon Oh-hyun
Kayla Schwartz | 13 October, 2017, 20:41

Vice Chairman Kwon will be leaving Samsung after 32 years with the company.

Ltd. announced Kwon Oh-hyun, CEO and vice chairman, had made a decision to step down from his role on October 13, 2017.

Kwon's resignation announcement arrived the same day that Samsung predicted record profits for the second straight quarter.

"It is something I had been thinking long and hard about for quite some time".

The abrupt departure of Kwon, who had been acting head of the tech conglomerate since its de facto leader, Lee Jae-yong, was detained for a bribery trial, throws Samsung into yet another leadership vacuum. "It has not been an easy decision, but I feel I can no longer put it off", said Kwon.

Samsung was closely tied to the political corruption of South Korea's former president - also its first female president - with vice chairman Lee enjoying a sentence of five years in prison for his role in the scandal. "I believe that time has now come for the company to start anew, with a new spirit and young leadership to better respond to challenges arising from the rapidly changing IT industry".

Earnings Reaction History: Bank of America Corporation, 33.3% Follow-Through Indicator, 1.5% Sensitive
They now have a $27.00 target price on the financial services provider's stock, up from their previous target price of $25.00. In other news, CEO Francisco Aristeguieta sold 40,000 shares of the company's stock in a transaction on Thursday, August 10th.

"Fortunately, the company is now producing best-ever results but this is merely a fruit of decisions and investment made in the past", he said in a statement. Kwon sent out a letter to employees to announce his resignation.

A large part of Samsung's recent success stems from Kwon's leadership of Samsung's components and display business, which not only provides the screens, memory, and other components in its own devices, but also supplies parts to many of Samsung's biggest competitors, including the OLED display on Apple's iPhone X.

Samsung did not name a successor to Kwon. Before he became one of Samsung's CEOs in 2012, he also served as the president and head of both the System LSI Division and the Semiconductor Business.

Samsung will lose another major executive soon.

Lee was arrested for bribery charges in February 2017. Friday's personnel announcement came shortly after the company said it was expecting to log 14.5 trillion won ($12.8 billion) in operating profits for the July-September quarter, an all-time record and almost three times the 5.2 trillion won of the same period a year earlier. Samsung hasn't given out information on the timing of succession, nor did it share who will take on Kwon's responsibilities when he leaves next year.

"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".

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