Samsung CEO to step down, citing 'unprecedented crisis'
Samsung Electronics Co. Ltd. Chief Executive and Vice Chairman Kwon Oh-hyun said Friday he would step down when his term ends in March 2018. "As we are confronted with unprecedented crisis inside out, I believe the time has come for the company to start anew with new sprit and young leadership to better respond to challenges," Kwon said in a statement. Kwon, 64, has led the electronics giant since 2012, and has been the conglomerate's de facto leader since Samsung heir Lee Jae-yong was convicted of bribery. Earlier Friday, Samsung forecast record quarterly profits (http://www.marketwatch.com/story/samsung-predicts-record-quarterly-profits-2017-10-12).
-Mike Murphy; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
October 12, 2017 22:12 ET (02:12 GMT)
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