Don't Slam the Door: Samsung Stable Despite CEO Departure

14 October, 2017, 00:40 | Author: Celia Hoffman
  • Samsung Electronics CEO resigns, says company is in “unprecedented crisis” ars_ab.settitle(1186199);

Amid claims Samsung Electronics is facing an "unprecedented crisis", CEO Kwon Oh-Hyun has announced he is stepping down from his role.

His decision to resign comes at a time when the company tries to clean up its reputation amidst bribery case.

The prosecutors and Samsung lawyers sparred Thursday during a first hearing by the appeals court on the effort by Lee Jae-yong, Samsung's vice chairman and de facto leader, to have his five-year prison sentence overturned.

"As we are confronted with unprecedented crisis inside out, I believe that time has now come for the company start anew, with a new spirit and young leadership to better respond to challenges arising from the rapidly changing IT industry", Kwon said in a statement Friday.

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But Samsung did not celebrate the news for long, following up the rosy earnings guidance by announcing the resignation of a top executive. The move came on Fridayas the smartphone maker forecast recorded Q3 operating profit because of the memory chip business, which Kwon was instrumental in building the company into the world leader.

However, Samsung's legitimate business would appear to be ticking over nicely, with the company revealing its financial forecasts for the rest of the year. Doh Hyun-woo, analyst at Mirae Asset Daewoo Securities Co., said in a report that the release of new models, including the iPhone X by rival Apple Inc., could weigh on Samsung's mobile sales, but will also help its smartphones parts business. For the third quarter of 2017, Samsung expects to make around 14.5 trillion won (around $12.8 billion) in operating profit off 62 trillion won (around $54.7 billion) in revenue, according to The Verge.

"Nobody wants to be the chief of Samsung Electronics at a time like this; it's too risky", said Park.

With Kwon's resignation, there's uncertainty with the leadership at Samsung. 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.

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