Kwon Oh-Hyun, the global CEO at Samsung Electronics has resigned from his post in a surprising move. The move comes as a huge surprise because Samsung is expecting the record profits in a third quarter because of soaring prices of memory chips. Another reason which makes this decision surprising is that Hyun was expected to be given a bigger role at the senior management. Samsung Group head, Jay Y Lee was arrested in February and Hyun was expected to be taking his place.
Kwon Oh Hyun, often considered as the second in command at Samsung, stated in his statement that it is time the senior management positions at Samsung are held by young excutives, who will take the company to great heights. He added that the young leaders can better respond to challenges. At this time, Samsung is making great records in profits and that is a result of the fruitful decisions taken over the years. However, the senior management is not quite as efficient in analysing the future trends and that is why the opportunity should now be given to a young team.
In a statement earlier today, Samsung Electrnics had stated that the profit in the third quarter has been forcasted as tripple than the figure last year and this makes the quarter as the most profitbale ever in the history of Samsung.
64 years old Kwon Oh-Hyun is known as Mr Chip in the inner circles of Samsung. He has played a huge role in establishing Samsung at the leading position in memory chips and oversaw the growth to help Samsung register its biggest profitable quarters. Much of Samsung’s profit now comes from its memory chip business.
Kwon Oh-Hyun will however, not leave the company right now. He will serve as the chairman of board of directors till March 2018.