Samsung Electronics on track for record third-quarter as chips soar

Samsung Electronics Galaxy Note 8 is displayed in Seoul South Korea. Samsung Electronics says Friday Oct. 13 2017 its third quarter profit likely surged nearly three folds over a year earlier to a new record hig

Samsung predicts record profits for third quarter as memory business booms

Kwon was not stepping down immediately, and would serve out his term as Samsung Electronics' chairman of the board until March 2018, the company said.

Samsung Electronics Co. vice chairman and chief executive officer Kwon Oh-hyun is stepping down after more than three decades at the company, saying that he's making way for new leadership amid a corruption trial surrounding the de facto chief.

Samsung has been seeking to move past a bribery scandal which saw the company's de-facto head Lee Jae-Yong thrown into jail and overcome a damaging recall previous year of its flagship Galaxy Note 7 smartphone over exploding batteries.

"It is something I had been thinking long and hard about for quite some time".

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"As we are confronted with unprecedented crisis inside out, I believe that time has now come for the company start anew, with a new spirit and young leadership to better respond to challenges arising from the rapidly changing IT industry", Kwon said in a statement late Thursday. He also has served as the CEO of Samsung Display since 2016.

He cemented Samsung Electronics' position in memory chips and expanded the contract chip manufacturing business.

Vice Chairman Kwon joined the company in 1985 as a researcher of the company's Semiconductor Research Institute in the United States. He was appointed chief executive in 2012. Samsung has two other CEOs each overseeing its mobile phone business and home appliance division.

Revenue likely rose 29.7 percent from a year earlier to 62 trillion won, Samsung said in a regulatory filing. In the first half of this year, he received 13.9 billion won including bonuses on the back of the robust performance of the chip business.

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