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Samsung CEO Resigns Just As Record Third Quarter Earnings Surface

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Samsung started the day on a very positive tone, showing off their record third-quarter earnings. Only… to end it with an anticlimactic announcement from its CEO, stating that he’s officially resigning from its position.

The Korean manufacturer is expecting to have made around 14.5 trillion won (~$12.8 billion) in operating profit off 62 trillion won (~$54.7 billion) in revenue. That’s a huge operating profit jump of more than 170%. That’s not so shocking as it may appear, given the fact that Samsung lost a lot last year due to the Note 7 scandal.

Although the details are set to come later this month, it’s safe to say that Samsung has overcome the image crisis of 2016. That said, the company is apparently facing a different one at the moment, prompting chief executive officer and vice chairman Oh-Hyun Kwon to resign from the company. 

Kwon is ending his journey as a CEO of Samsung after five years, planning on leaving his position as a head of its components and display units, too. “It has not been an easy decision, but I feel I can no longer put it off. 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”, wrote Kwon in a letter to the employees.

This announcement comes months after vice chairman Jay Y. Lee was sentenced to five years in prison for bribery, embezzlement, capital flight and perjury charges. It seems that Samsung hasn’t had the best of luck with its leaders lately…

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