SEOUL, South Korea âÂ The chairman of Samsung Electronics Co.âs board of directors, who has been the public face of the company after its de facto chief was jailed on corruption charges, said Friday he will resign next year to make way for a new leader.
âAs we are confronted with unprecedented crisis inside out, 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 in the rapidly changing IT industry,â Kwon Oh-hyun, 65, said in a letter to employees.
Kwon plans to resign as head of Samsungâs semiconductor and component business and will not seek re-election on the companyâs board when his term expires in March, Samsung said in a statement.
He has represented Samsung Electronics at various occasions since the companyâs heir and vice chairman, Lee Jae-yong, 49, was jailed earlier this year. Lee was convicted on corruption charges to five years in prison in August, along with four other former Samsung executives.
Samsung has two other CEOs, each overseeing its mobile phone business and home appliance division.
But the chip and display divisions led by Kwon fueled Samsungâs stunning profit growth this year.
Earlier Friday, Samsung said its July-September operating profit nearly tripled over a year earlier to a new record, putting it on track to report its best annual financial results. Analysts forecast Samsungâs 2017 net income nearly doubled from 2016 and they expect Samsung to outdo its annual financial results for the next few years, thanks to its position as the worldâs largest maker of the semiconductor group known as memory chips that are used for mobile devices and computer servers.
Kwon, however, thinks Samsung is in crisis and urgently needs to find new ways to fuel growth before the record-breaking…