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Last updated: October 13th, 2017 at 09:31 UTC+02:00
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The announcement came after Samsung announced its Q3 2017 earnings guidance. It expects to post record profits for the second quarter straight.
In a letter sent to employees, Kwon said that announcing his retirement was the most difficult thing for him to do. However, he believes that the time is right and that this decision is in the best interest of the company.
“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,” he said. Kwon added that as the company is confronted with an “unprecedented crisis” inside out, he believes that it's now time for the company to start fresh, with a new spirit and young leadership.
Kwon joined Samsung in 1985 as a researcher in its Semiconductor Research Institute in the United States. He has been with the company for 32 years. Kwon also served as president and head of the System LSI Division and the Semiconductor Business.
He took over as CEO of Samsung Electronics in 2012. He has also been the CEO of Samsung Display of 2016, a position that he's going to give up as well.
Kwon has been the de-facto chief at Samsung ever since the conglomerate's heir Lee Jae-yong was arrested and later imprisoned on bribery and embezzlement charges.
Adnan Farooqui is a long-term writer at SamMobile. Based in Pakistan, his interests include technology, finance, Swiss watches and Formula 1. His tendency to write long posts betrays his inclination to being a man of few words.
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