CEO of Samsung Electronics resigns; company forecasts record Q3 operating earnings
In addition to announcing Kwon's resignation, Samsung said that it would report record third quarter operating earnings thanks to strong memory chip sales. The strong demand for chips is also expected to lead to a record breaking annual profit. For the second quarter ended in June, semiconductors were responsible for profits of 8 trillion won ($7.20 billion USD).
Kwon, 64, spent half his life working at Samsung, and isn't leaving his position as chairman of the board and board director until next March. He also isn't immediately leaving his other two positions. He runs Samsung's businesses that focus on components and displays. The company refused to say who might be in line to replace the executive.