We will remind, in August of 2017 49-year-old Vice President of Samsung Electronics and heir to the Samsung Empire, Lee Jae-Yong was convicted by the Seoul court of corruption and breach of trust and sentenced to five years imprisonment. Kwon will also resign as the chief executive officer of Samsung Display. Lee Jae-yong's conviction was part of a bribery scandal that reached all the way to the president of South Korea, Park Geun-hye, who was impeached a year ago is also serving time in prison.
Kwon Oh Hyun announced his retirement on October 13.
"I want my resignation to be an opportunity for a higher level of challenge and innovation and to overcome this hard situation", Kwon said in the statement.
While expressing concern that the company was "confronted with unprecedented crisis inside out", alluding to the conviction of its leader, Kwon said he hopes his resignation can be a good opportunity for the company to turn things around and make bold attempts at innovation. Mark Newman, senior research analyst at Sanford C. Bernstein said Kwon's top deputies, President J.K. Shin, who is in charge of mobile products, or Kim Ki-nam, president of Samsung's semiconductor business, may succeed Kwon.
Mr Kwon, 64, is seen as Samsung Group's No. 2.
"Fortunately, the company is now producing best-ever results but this is merely a fruit of decisions and investment made in the past", he said in a statement. Samsung Electronics has not yet announced a replacement.
Kwon will serve the company until his successor is found and the new management team is set.
In its earnings preview on Friday, Samsung put its July-September operating profit at 14.5 trillion won ($12.8 billion), compared with 5.2 trillion won ($4.6 billion) a year earlier.
Kwon will leave the company in March, when his term as chairman of Samsung Electronics ends. 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.