Skip to content
Subscriber Only

In Surprise Move, Samsung CEO to Quit After Record Profit

  • South Korean company reports record profit on memory chips
  • Kwon Oh-hyun to exit, making way for ‘young leadership’
Bloomberg business news

Samsung Electronics CEO to Step Down

Updated on

The chief executive officer of Samsung Electronics Co. is stepping down in a surprise resignation after decades at the company, saying the business needed new leadership following a bribery scandal that led to the imprisonment of its de facto chief.

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. He said the company faces an “unprecedented crisis” despite the financial success. Kwon, who turns 65 on Sunday, plans to stick around for six months until a successor, most likely from inside the company, is installed.