Citing an "unprecedented crisis", Samsung Electronics Chief Kwon Oh-hyun has stepped down from his position. His resignation comes on the same day the firm forecast record quarterly profits, citing higher memory chip prices.
As per news reports, Kwon said that he was thinking about this exit for quite some time and could not delay it further. He also added that as the company is confronted with unprecedented crisis inside out, it is time for the company to start a new with a new spirit and young leadership to better respond to the challenges arising from the rapidly-changing IT industry
He will remain on the board of Samsung Electronics until March 2018.
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