THE BOSS OF SAMSUNG will exit the business next March because of what is being called an 'unprecedented crisis', but is most likely something to do with the bribery scandal at the firm and the recent arrest of Jay Y Lee, who is vice chairman of the overall Samsung business.
Lee was pinched over inappropriate payments to South Korea and some businesses run by South Korea's former president Park Geun-hye.
The Telegraph reports that 32-year Samsung veteran Kwon Oh-hyun announced his departure in a letter to staff.
"As we are confronted with unprecedented crisis inside out, I believe that time has now come for the company start anew, with a new spirit and young leadership to better respond to challenges arising from the rapidly changing IT industry," he wrote.
"It is something I had been thinking long and hard about for quite some time. It has not been an easy decision, but I feel I can no longer put it off."
He didn't say what the unprecedented crisis is, but it is unlikely to be a financial one. While the firm took a hammering last year because its phones and stuff were setting on fire, it seems to have bounced back and will soon announce a much rosier financial position.
Jay Y Lee, or Lee Jae-yong, has been sentenced to a five-year stay at someone else's pleasure and is likely to serve his whole term. South Korea's former president also got in some trouble over this, which suggests that bad presidents are not exclusive to America.
Back to legitimate business and Samsung has just announced its expected sales and operating profits. It is predicting sales of as much as 63 trillion Korean won and operating profit as high as 14.6 trillion Korean won. µ
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