Oct. thirteen (UPI) — Samsung Electronics chief executive Kwon Oh-hyun abruptly announced his retirement on Friday, months just after senior executives have been convicted in a corruption scandal.

“As we are confronted with unparalleled crises within out, I imagine the time has now come for the corporation to start anew, with a new spirit and younger leadership,” he wrote in his resignation letter.

Kwon, one particular of three Samsung Electronics co-CEOs, will keep on being on the firm’s board until eventually up coming calendar year.

Kwon’s resignation came on the similar day the corporation forecast file quarterly gains, largely due to bigger price ranges for Samsung personal computer chips. The corporation announced that it envisioned 3rd quarter running financial gain of almost $thirteen billion.

Samsung has directed rigorous financial investment into memory chips and show units, and is regarded as the primary provider of people features for cellphones and other technological products.

There is problem that Samsung Group, a conglomerate of 60 interlinked and relatives-owned companies that involves Samsung Electronics, has a leadership vacuum, the Korea Moments described Friday.

Lee Jae-yong, Samsung Group’s de facto chief, was convicted in August with other executives in a corruption scandal that led to the impeachment and resignation of previous South Korean President Park Guen-hye. Lee will quickly stand demo.

Kwon’s letter congratulated corporation staff on their successes, but pointed out that Samsung is not seeking new developments.

“We are challenging-pressed to come across new progress spots appropriate now from reading through long term traits,” he wrote.

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