Samsung CEO Kwon Oh-hyun resigns amid strong guidance for Q3

Samsung Electronics CEO Kwon Oh-Hyun Resigns, Says Company is Facing an 'Unprecedented Crisis'

Samsung Electronics chief executive and vice chair Kwon Oh-hyun has announced his resignation from the company, describing the company as suffering from an 'unprecedented crisis inside out'. Samsung Electronics said Kwon will also retire from his board seat at Samsung Display Co.

His decision to resign comes at a time when the company tries to clean up its reputation amidst bribery case. In August, Lee was sentenced to five years in prison for corruption after he was found guilty of being involved in bribing the then-South Korean president, Park Geun-hye.

"As we are confronted with unprecedented crisis inside out, I believe that time has now come for the company (to) start anew", he said in a statement. Indeed, the company expects record operating profits of about $12.8 billion for the third quarter. Kwon has served as a vice chairman at Samsung Electronics since 2012 and also served as a senior executive at the company's display division since past year. Sales are expected to have surged 29.65 percent on-year to 62 trillion won, with the booming semiconductor business boosting the company's bottomline. Final numbers are usually released two weeks later.

Samsung expects to pull in 62 trillion won ($54.9 billion) in revenue and 14.5 trillion won ($12.8 billion) in profit for the three months ending September 30, a near 300% increase in profit compared to the same period previous year.

"The results are good ones that largely meet market expectations", Kwon Sung-Ryul of Dongbu Securities told AFP.

Analysts estimated 14.3 trillion won in operating profit according to financial data provider FactSet. But it could also encompass Samsung's recall fiasco with the Note7 smartphone a year ago, with the flagship smartphone having to be pulled off of market shelves due to a fire hazard with its charging mechanism.

Kwon's resignation announcement arrived the same day that Samsung predicted record profits for the second straight quarter. The consumer electronics division will also benefit from strong seasonal demand, he added.

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