After 32 years with the company.
Samsung Electronics vice chairman, Oh-Hyun Kwon has resigned and will not seek re-election to the Board of Directors when his term ends in March 2018. Kwon, who was also CEO of Samsung Display, said in a statement the South Korean tech giant was facing an “unprecedented crisis”.
“As we are confronted with an 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 from the rapidly changing IT industry.” He said the company needed a new leader more than ever and it was time for him to move to the next chapter in his life, adding that his decision” was in the best interests of the company”.
Kwon’s resignation follows a recent bribery scandal that saw Samsung heir, Lee Jae-yong, now facing five years in prison, after being convicted on grounds of corruption.
Kwon, who has spent 32 years with the company, said he carried a “deep sense of pride and honour to have taken part in the company’s incredible journey to success. “There are no words to describe how proud I am that we built together one of the most valuable companies in the world,” he concluded.
“We have come a long way to create a company that truly changes how people live, work and communicate with each other.”