Samsung Electronics CEO Kwon Oh-hyun to retire after March 2018

Samsung Electronics CEO Announces Resignation Amid 'Unprecedented Crisis'

Samsung CEO Kwon to step down even as chip business thrives

"It is something I had been thinking long and hard about for quite some time", Kwon said in a Samsung announcement.

In a letter sent to all employees, Kwon said that announcing his retirement was the most hard thing for him to do, but now was the right time and that he believes his decision is in the best interest of the company.

Kwon, who also serves as the head of the device solution business, has been working as de-facto head of the company and conglomerate following the imprisonment of the company's heir Lee Jae-yong. "It has not been an easy decision, but I feel I can no longer put it off", said Kwon.

Samsung will lose another major executive soon. Kwon will also recommend a successor for his position, a Samsung spokesperson said.

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"(The earnings) are based on investment made in the past. "Lee's lawyers may argue that Samsung, with the veteran Kwon gone, needs its vice chairman back more than ever to lead the firm", he said, adding that the tactic had often been used by other family-run South Korean business empires. The group has not made any radical changes in its leadership since 2014 when the current chairman Lee Kun-Hee suffered a heart attack that left him bedridden.

Sales are expected to have surged 29.65 percent year-on-year to 62 trillion won, with the booming semiconductor business boosting the company's bottom line.

The company is set to release its final earnings report later in October.

Tech giant Samsung Electronics Co Ltd estimated on Friday its third-quarter operating profit almost tripled from a year earlier, beating expectations as strong memory chip prices likely padded margins.

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Operating profit was estimated at 14.5 trillion won ($12.8 billion), compared with 5.2 trillion won tallied a year earlier, the company said in a regulatory filing.

Kwon was named CEO in 2012, and had been leading the multi-faceted electronics juggernaut since Lee's sentencing in August; he'd joined Samsung in 1985. Sales increased 20% year over year during the quarter.

However, Samsung's legitimate business would appear to be ticking over nicely, with the company revealing its financial forecasts for the rest of the year.

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