October 13, 2017
The CEO of Samsung Electronics, Vice Chairman Oh-Hyun Kwon, has announced his resignation.
In breaking news from Korea, Samsung Electronics has revealed today that its Vice Chairman Oh-Hyun Kwon, is resigning from his post as Chief Executive Officer of Samsung Display and as head of the company’s Device Solutions Business. Additionally, he will not be seeking re-election as Chairman of the Board and member of the Board of Directors when his current term ends in March 2018.
Vice Chairman Kwon has a long and illustrious history working for Samsung, having joined the company in 1985 as a researcher of the Semiconductor Research Institute, located in the USA. He has also held the post of president and head of the System LSI division, and served as president and head of the Semiconductor Business, before taking on his current role as CEO in 2012.
Kwon penned an “emotional” letter to his colleagues regarding his resignation, saying that this announcement was “the most difficult thing for him to do” but he felt it was the right time and his decision was in the best interests of the company.
“It is something I had been thinking long and hard about for quite some time. It has not been an easy decision, but I feel I can no longer put it off,” Vice Chairman Kwon said. “As we are 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.”
Vice Chairman Kwon stated that during the 32 years he has spent at Samsung, he has witnessed the company emerge as a global leader in the semiconductor business and revealed that he feels 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. We have come a long way to create a company that truly changes how people live, work and communicate with each other.”
“But now the company needs a new leader more than ever and it is time for me to move to the next chapter of my life.” He ended his statement to his employees by saying, “I would like to share my sense of pride and honour with you, and thank each one of you for your dedication and commitment to the company.”
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