The head of Samsung Electronics has announced his departure from the company

© AP Photo / SeongJoon Covice-Chairman of the Board of Directors and head of Samsung Electronics Kwon Oh Hyun. Archival photoThe head of Samsung Electronics has announced his departure from the company© AP Photo / SeongJoon Cho

Vice-Chairman of the Board of Directors and head of the South Korean electronics manufacturer Samsung Electronics Kwon Oh-Hyun (Oh-hyun Kwon) announced his departure from the company, according to a release from the company.

According to the report, About Hyun will not be re-elected after the expiration of his term in March 2018. «I worked long and hard thought about how to one day leave his post. It was a tough decision, but I feel I can no longer postpone. At that time, as we are faced with an unprecedented crisis, I believe that now the time has come for the company starting over», — quotes the company a word from the letters On Huna employees.

To work in the company of Hyun began his career in 1985 as a researcher of semiconductor materials in the United States, and in 2012 became head of the firm.

The announcement was made amid a corruption scandal surrounding the Samsung. In late August, the head of Samsung Lee Jae-Yong was sentenced by a South Korean court to five years in prison on charges of bribery, embezzlement, concealment of illegal income, the illegal transfer of funds abroad and perjury. As expected, Lee Jae-Yong will appeal the decision. The Prosecutor demanded for it 12 years of imprisonment.

The company, together with that published forecast for its financial results in the third quarter of this year. So, the company’s revenue expectations will rise to 62 trillion won ($55 billion), which is almost 30% higher in annual terms. Operating profit, according to the forecast, will be 14.5 trillion won ($12.5 billion), nearly three times higher year-on-year.

Samsung Electronics, an international manufacturer of electronics: semiconductors, telecommunications equipment, memory chips, liquid crystal displays, mobile phones and monitors. The headquarters of the company is located in Seoul.