Samsung Electronics Vice President to stop: Kwon Oh-Hyun, de facto president, has announced that he will not renew his current mandate expiring in March 2018.
Samsung Electronics CEO and Vice President Kwon Oh-Hyun, who has been de facto chairing the company after Lee Jae-Yong’s imprisonment, has announced that it will not renew its mandate, which expires in March 2018.
Samsung Electronics CHANGING THE OLD GUARD
About 65, Kwon has headed the Latest technology giant since the heir of the Samsung empire was arrested in February for his involvement in the “Rasputina” corruption case and subsequently sentenced to five years in prison.
Kwon Ph.D. in electrical engineering from Stanford University, Kwon first joined Samsung Electronics in 1985 and was appointed CEO by the board in 2012.
“It’s something I’ve been thinking about for a long time. It has not been an easy decision, but I feel I can not put it off any longer,” he said in a statement sent by the company.
“Given that we are facing an unprecedented internal and external crisis, I believe that the time has come for the company to start afresh, with a new spirit and a young leadership that responds to the challenges that arise in rapidly changing markets industries of the technologies of the information “, it adds.
Kwon has played a key role in the spectacular growth that Samsung has shown in the sector of memory chips, the business branch that presided from 2011 to the present, time lapse in which the South Korean giant has become the biggest memory maker of the world.
The company has today presented its forecast for the third quarter, where it expects to obtain an operating profit of about 14.5 trillion won (about 20,812 million euros / 12,787 million dollars).
This would mean a further 279 percent year-on-year and a new record operating profit for the July-September period. However, as Kwon points out, the company’s excellent performance does not dispel Samsung’s concern over the near-medium-term future in the face of the progressive disruption of its leadership.
Prior to his arrest, Lee Jae-yong had already taken the reins of the company since a heart attack in 2014 left his father, who is still president of the company, bedridden and totally disabled.