Seoul: The CEO of Samsung Electronics Kwon Oh-Hyun (pictured) resigned on Friday, saying the South Korean tech giant was facing an “unprecedented crisis”, even as it expected profits to hit an all-time high in the third quarter.
Kwon’s resignation comes as the company struggles to overcome a bribery scandal that sent Lee Jae-Yong, its de-facto head and heir to the Samsung empire, to jail.
But in a sign of good news for the company, its estimated operating profits for the July-September period of 14.5 trillion won ($12.8 billion) marked a record for quarterly profit, nearly tripling the 5.2 trillion won earned a year earlier.
Sales are expected to have surged 29.65 per cent on-year to 62 trillion won, with the booming semiconductor business boosting the company’s bottom line.
Despite the spectacular performance, CEO Kwon said the company was in the throes of an “unprecedented crisis” as he announced his intention to step down. — AFP
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