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Samsung Electronics stated, its Vice Chairman and Chief Executive Officer, Kwon Oh-Hyun has decided to step down from the management.
Further it stated, Kwon will not seek re-election onto Samsung board once his current term ends in March,2018.
Kwon has been the company’s de-facto chief, since the imprisonment of Samsung Group heir, Jay Y. Lee on the charges of corruption.
Kwon stated in a letter to its employees,”I believe that time has now come for the company to start anew, with a new spirit and young leadership to better respond to challenges arising from the rapidly changing IT industry.”
