Samsung CEO announces shock resignation

Samsung Electronics says its CEO and Vice Chairman is stepping down despite forecasting record third-quarter profits on the back of soaring memory chip prices. The 64-year-old Oh-Hyun Kwon had been expected to take a bigger role following the February arrest of Samsung Group's heir apparent Jay Y. Lee on bribery charges. Known as "Mr Chip", Kwon had been with the company since 1985, building up the component business to become the group's most profitable sector. He will not seek...

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