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Samsung Reels As CEO Kwon Resigns

Samsung CEO Oh-Hyun Kwon surprised colleagues and industry observers Friday by announcing his intention to resign his post, after 32 years with the company.

Kwon has been serving as Samsung Electronics’ chairman of the board and a board director, as well as heading up the company’s display and components businesses. The company said he will serve out his term on the board, which is up in March, and then retire.

His resignation is the latest in a series of management departures in the wake of last year’s bribery scandal that ousted vice chairman Jay Y. Lee, the son of Samsung chairman Lee Kun-he, as well as the President of South Korea, Park Geun-hye. Jay Lee was sent to prison in February and his deputy, Choi Gee-sung, who temporarily stepped into the leadership void left by Lee, also quit earlier this year after his role in the scandal emerged. Kwon then took over as CEO.

Kwon was not implicated in the scandal.