After posting record profit, Samsung CEO resigns

After posting record profit, Samsung CEO resigns

After posting record profit, Samsung CEO resigns

Samsung did not announce the performance estimates of each business division, although the chip business is anticipated to have played a key role in the record-beating report. Lee was convicted of corruption and sentenced to five years in prison in August.

The chief executive of Samsung Electronics resigned on Friday, saying the South Korean tech giant was facing an "unprecedented crisis", even as it flagged record third-quarter profits.

"As we are confronted with unprecedented crisis inside out, I believe that time has now come for the company to start anew, with a new spirit and young leadership to better respond to challenges arising in the rapidly changing IT industry", Kwon Oh-hyun, 65, said in a letter to employees.

Vice Chairman Kwon will be leaving Samsung after 32 years with the company.

Shares in Samsung Electronics yesterday closed 1.46 percent down on heavy profit-taking.

Still, Kwon's announcement was unexpected, especially with the company making record profit from its semiconductor business, and the group is now left without a leader.

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Operating profit was estimated at 14.5 trillion won ($12.8 billion), compared with 5.2 trillion won tallied a year earlier, the company said in a regulatory filing.

Sales are expected to have surged 29.65 percent year-on-year to 62 trillion won, with the booming semiconductor business boosting the company's bottom line.

Prices of memory chips have skyrocketed globally due to the growing use of social media, mobile data, cloud computing and the emerging internet of things, which have combined to leave supplies tight.

"Kwon himself might have thought over the issue for a long time", a Samsung spokesperson said, "but the notice itself was a surprise internally as well". He will serve till his term as Samsung Electronics' chairman of the board ends in March 2018.

Lee - who took the reins of the company after his father's heart attack in 2014 - was found guilty of bribing a friend of former South Korea President Park Geun-hye to secure a merger that would tighten his grip on Samsung. Hearings on his appeal and those of four other convicted Samsung executives began October 12.

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