Samsung CEO resigns, claims 'unprecedented crisis'

Samsung Electronics CEO and Vice Chairman, Kwon Oh-hyun, has just resigned from the company, where he will step down from his positions on the board, and as CEO of Samsung Display.

Kwon said in a letter to employees: "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. 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 letter to Kwon's employees continued: "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".

Kwon joined the company in 1985, where he eventually led the semiconductor business before he sat in the CEO chair in 2012. Last year, Kwon was named Samsung Display CEO where they have been making large leaps over the competition to become one of the gigantic innovators in the display business.

The crisis that Kwon is referring to would include the fact that the leader of the entire Samsung group, Lee Jae-yong, was arrested on corruption charges earlier this year. Kwon resigning now, right after the launches of the Galaxy S8, and just-released Galaxy Note 8, is troubling to say the last.