Samsung has announced its preliminary financial results for the third quarter of the year, which is something we've talked about earlier today, and in addition to that, Samsung Electronics' CEO has announced its resignation due to "unprecedented crisis". Kwon Oh-hyun is both Samsung Electronics' CEO and the company's Vice Chairman, and his resignation announcement managed to surprise quite a few people it seems.
Some people were actually expecting Kwon Oh-hyun to take on an even bigger role in the company following the arrest of Jay Y. Lee back in February, especially considering a number of executives left the company after that, but it seems like that won't happen. Kwon Oh-hyun actually heads both the company's memory chips business, as well as its display business, which are striving at the moment, he is actually responsible for the whole components business, and is seen as Samsung Group's No. 2 man, following Jay Y. Lee, of course. It's worth noting that semiconductors were Samsung's top-earning business in the three months through June, which is yet another reason why this resignation comes as a surprise. Kwon Oh-hyun follows the lead of Jay. Y. Lee's mentor, Choi Gee-sung, who quit earlier this year following the bribery scandal. All in all, it seems like Samsung is missing a couple of key executives at the moment, and this latest departure certainly isn't helping.
Kwon Oh-hyun will not departure immediately, though, he will remain on his post until March 2018, in order to serve out his term. Samsung Electronics' spokeswoman did not want to comment on the Kwon Oh-hyun's successor, or anything of the sort, for the time being at least. Kwon Oh-hyun's departure will deepen Samsung Electronics' leadership vacuum, though the company has some time in order to organize itself, as it is waiting for results of Jay Y. Lee's trial, which is currently ongoing in South Korea. For those of you who have missed the memo, Jay Y. Lee has, allegedly, been involved in a bribery scandal, and is currently tried to proof his innocence, so that he can get back to leading the company he succeeded from his father a while back. It will be interesting to see how will Samsung patch up the leadership vacuum in the company, and if Jay Y. Lee will be able to clear its name.