Samsung Electronics CEO Kwon Oh-hyun presented his resignation, quoting an “unprecedented crisis” despite the company’s profit.
The decision to abandon the leading board represent a repercussion of this corruption scandal that took over the entire country because the trial in which Kwon Oh-hyun was sentenced to jailtime also included the state’s former president, who is now in prison.
Kwon’s not-so-surprising resignation was announced on the very day the company announced its earnings for the third quarter in the context of rising the prices for microprocessors.
Kwon said he is thinking of leaving for “some time now” and can no longer postpone this decision.
Although he will no longer be the CEO, the Samsung heir will remain on the board of directors until March 2018.
Some analysts have warned that Samsung’s busy management structure does not help to clarify the problems the company faces.
Samsung Electronics is considered to be the most important company from the South Korean group of nearly 60 interconnected companies.
In August, group heiress Lee Jae-yong was convicted of corruption and sentenced to five years in prison.