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Samsung CEO to resign citing 'unprecedented crisis'
By Thom Holwerda on 2017-10-13 09:38:30

Kwon Oh-hyun, Samsung Electronics' CEO, vice chairman, and the head of its hugely successful components business, has announced his resignation. He will step down from the CEO role, as well as his positions on the board and as CEO of Samsung Display, in March 2018.

"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," Kwon said in a letter sent to employees. "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."

The unnamed "crisis" in Kwon's letter no doubt includes the imprisonment of Lee Jae-yong, the de facto leader of the entire Samsung group, on corruption charges. While Lee didn't take a hands-on role in Samsung Electronics' regular business, Kwon's resignation is the first sign that the scandal could have a major impact on the company's operations and culture.

South Korea are a bunch of amateurs. Everybody knows real freedom-loving countries legalise corruption and rebrand it as Lobbying™ so that companies like Apple, Google, and others can legally bribe politicians and buy political favours without fear of being imprisoned.

Get with the program, South Korea.

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