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After posting record profit, Samsung CEO resigns

After posting record profit, Samsung CEO resigns

Samsung CEO Kwon Oh-hyun has announced his resignation from management and will be formally stepping down in March 2018.

He has represented Samsung Electronics at various occasions since the company's heir and vice chairman, Lee Jae-yong, 49, was jailed earlier this year. Mr Kwon had been expected to take a bigger role in leading the company out of the bribery affair, which also engulfed South Korea's disgraced former president, Park Geun-hye.

"It is something I had been thinking long and hard about for quite some time", Kwon said in a statement. Samsung Vice Chairman Oh-Hyun Kwon has made a decision to step down and leave his positions as vice chairman, board chairman and member, as well as CEO of Samsung display.

Samsung Electronics Co Ltd said on Friday its third-quarter operating profit likely almost tripled from a year earlier to a new record, beating analyst estimates, as strong memory chip prices fattened margins.

In a letter to employees, Kwon noted that as the firm is "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". 'We are fortunately making record earnings right now, but this is the fruit of past decisions and investments.

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Kwon Oh-hyun, who also serves as co-vice chairman, announced his retirement on Friday as the Suwon-based company reported record operating income of 14.5 trillion won ($12.8 billion) on booming demand for displays and memory chips. But the development coincided with the resignation of a key executive, Kwon Oh-hyu.

Kwon will serve the company until his successor is found and the new management team is set.

The company forecast bumper quarterly earnings on Friday, putting it on track to post a record operating profit for the period.

Kwon first joined Samsung back in 1985 as a researcher of the company's Semiconductor Research Institute in the US.

The 65-year-old has been with the company for 32 years, and CEO of the company's hugely successful components business - including memory chips - since 2012.

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