Samsung Electronics CEO resigns over 'unprecedented crisis'

Samsung Electronics chief executive Kwon Oh-hyun has resigned citing an "Unprecedented crisis". Mr Kwon is one of three co-chief executives of Samsung Electronics. Mr Kwon, who also serves on the board of Samsung Electronics, said he had been thinking about his departure "For quite some time" and could "No longer put it off." Samsung Electronics is regarded as the jewel in the crown of the Samsung Group conglomerate, which is made up of 60 interlinked companies, and is one of South Korea's massive family-run businesses known as chaebols. Ahead of the announcement from Mr Kwon, the Samsung Electronics said it would post a record quarterly profit thanks to surging chip prices.

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