Samsung boss resigns amid 'crisis'

Samsung's boss is stepping down
Samsung's boss is stepping down

The boss of Samsung Electronics will resign and not seek re-election as member of the board of directors and chairman of the board when his term ends in March.

Samsung Electronics vice chairman Kwon Oh-Hyun will also resign as the chief executive of Samsung Display.

The decision comes after Jay Y Lee, who is heir to the Samsung empire, was jailed in August for bribery and perjury.

Oh-Hyun revealed his retirement In a letter sent to all employees.

He said: "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."

Oh-Hyun has worked at Samsung for 32 years and said "there are no words to describe how proud I am that we built together one of the most valuable companies in the world".

He added: "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."

Subscribe today for just $116 a year

Get the very latest news and insight from Campaign with unrestricted access to campaignlive.com , plus get exclusive discounts to Campaign events

Become a subscriber

GET YOUR CAMPAIGN DAILY FIX

Don’t miss your daily fix of breaking news, latest work, advice and commentary.

register free