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collected by :Molly Tony

Shortly after posting the company's 3rd quarter financial results, CEO and Vice Chairman of Samsung Electronics Oh-Hyun Kwon reported he is leaving the firm in March 2018. Lee Jae-yong is the son of Lee Kun-hee, the chairman of Samsung Group, and is seen as the company's heir apparent. While Lee Kun-hee is Guessed to save the title of "Chairman" for life, medical issues have caused him to step away from Samsung, and Lee Jae-yong had been running the firm since 2014. Vice Chairman Kwon going to be leaving Samsung after 32 years with the company. Samsung Electronics hasn't yet reported a replacement.

Vice Chairman Oh-Hyun Kwon to quit as CEO of Samsung Electronics

Corporate > Corporate OthersPress Resources > Press ReleaseSamsung Electronics reported this day Vice Chairman Oh-Hyun Kwon plans to quit as the company's head of the Device Solutions Business and won't seek re-election as a member of the Board of Directors and the Chairman of the Board the time his term ends in March, 2018. Vice Chairman Kwon going to too quit as the CEO of Samsung Display. In an emotional letter sent to all employees, Vice Chairman Kwon told which announcing his retirement was the generality hard thing for him to do, however this time was the right time and which he believes his decision is in the better interest of the company. He too served as president and head of the System LSI Division and as president and head of the Semiconductor Business before becoming CEO of the firm in 2012. He too has served as the CEO of Samsung Display since 2016.

Samsung Electronics CEO Kwon announces shock resignation as profits surge

as declared in Samsung tipped record earnings, it's going to be best in the fourth-quarter, and all that's been driven with Kwon's components business," told Park Ju-gun, head of study company CEO Score. Shares in Samsung, worth about US$350 billion, fell 0.6 % on Friday after hitting an all-time high earlier in the day. The departure of 32-year Samsung veteran Kwon after 5 years in the highest job comes at a time of leadership doubt at the company. Kwon would serve out his term as chairman of the board and board director until March 2018, the company said. A Samsung Electronics spokeswoman declined comment on the exact timing of succession and possibility successors for Kwon's roles.

Samsung Electronics CEO Kwon announces shock resignation as profits surge

FILE PHOTO: Kwon Oh-Hyun, co-chief executive officer of Samsung Electronics Co., speaks during the company's annual general meeting at the Seocho office building in Seoul, South Korea, March 24, 2017. CHANGING THE OLD GUARDThe departure of 32-year Samsung veteran Kwon after 5 years in the highest job comes at a time of leadership doubt at the company. REUTERS/BeawihartaChoi Gee-sung, Jay Lee's mentor, resign earlier this year for his alleged role in the bribery scandal, and Samsung Electronics this time needs to fill several further key roles with Kwon's exit. Kwon would serve out his term as chairman of the board and board director until March 2018, the firm said. A Samsung Electronics spokeswoman declined comment on the exact timing of succession and possibility successors for Kwon's roles.