Samsung Electronics today announced that Vice Chairman Oh-Hyun Kwon plans to resign as the company’s head of the Device Solutions Business and will not seek re-election as a member of the Board of Directors and the Chairman of the Board when his term ends in March, 2018. Vice Chairman Kwon will also resign as the Chief Executive Officer of Samsung Display.
According to media reports, the resignation move comes at a time when Kwon was expected to take a bigger role following the arrest of Samsung Group scion Jay Y Lee in February on bribery charges, and the departures of other key executives.
Being called as "Mr Chip", Kwon, during his tenure in the past 32 years served as both a researcher and CEO, and witnessed the company emerge as a global leader in the semiconductor business. He strengthened Samsung Electronics' position in memory chips business.
“Announcing retirement was the most difficult thing for me to do, but now was the right time and that I believe my decision is in the best interest of the company,” said Kwon in a letter sent to employees.
“But now the company needs a new leader more than ever and it is time for me to move to the next chapter of my life. I would like to share my sense of pride and honor with you, and thank each one of you for your dedication and commitment to the company,” Kwon added.
Kwon joined the company in 1985 as a researcher of the company’s Semiconductor Research Institute in the United States. He also served as president and head of the System LSI Division and as president and head of the Semiconductor Business before becoming CEO of the company in 2012. He also has served as the CEO of Samsung Display since 2016.