Samsung Electronics CEO resigns, even as record profits expected

The CEO of Samsung Electronics Kwon Oh-Hyun resigned Friday, saying the South Korean tech giant was facing an ‘unprecedented crisis’, even as it expected profits to hit an all-time high in the third quarter.

‘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.

The company is set to release its final earnings report later this month.

Shares in Samsung Electronics were trading down 0.55 per cent on heavy profit taking in mid-day trade.