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Samsung CEO Kwon Oh-hyun steps down

Surprise exit comes as the firm reports record $12.8-billion operating income

Sam Kim | Bloomberg 

The chief executive officer (CEO) of Samsung Electronics is stepping down in a surprise resignation after decades at the company, saying the business needed new leadership following a bribery scandal that led to the imprisonment of its de facto chief. Kwon Oh-hyun, who also serves as co-vice-chairman, announced his retirement on Friday as the Suwon-based company reported record operating income of 14.5 trillion won ($12.8 billion) on booming demand for displays and memory chips. He said the company faces an “unprecedented crisis” despite the financial success. Kwon, who ...

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First Published: Sat, October 14 2017. 00:51 IST