Samsung's Vice President Resigns to Make Room for "a New Spirit"
Samsung Electronics (SSNLF) shares slipped from an all-time high Friday after the group said another of its top executives is leaving the smartphone giant just hours after it forecast record profits on the back of surging demand for its memory chips and smartphones.
Kwon Oh-Hyun, the group's vice president and heir apparent to the incarcerated former chairman, Jay Y. Lee, will step down after more than three decades at the world's second-biggest smartphone maker to make room for what he called "a new spirit and young leadership".
Kwon, who has been Samsung's vice chairman since 2012, will retire next March, the company said. His departure comes as Lee, the son of the company's de-facto founder, is appealing a five-year sentence for bribery and corruption in a nationwide scandal that ultimately toppled the country's first woman President, Park Geun-hye, late last year.
Watch More with TheStreet:
- Gene Monahan Was Right! The Yankees Were 'Hard to Beat,' Just Ask Cleveland
- Tim Hortons Isn't the Only One Experimenting with Bizarre Flavor Combinations
- Hurry Up and File Your 2016 Tax Return!
- Peter Schiff: Bitcoin Is Not the Money of the Future
