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Lawyers, prosecutors face off at Samsung heir's appeal case

14 October 2017
Lawyers, prosecutors face off at Samsung heir's appeal case

In a statement, the man known as "Mr Chip" said the time had come to "start anew with new spirit and young leadership". Kwon had emerged as the public face of Samsung after Lee Jaeyong, grandson of the company's founder, was detained on corruption charges and then sentenced to five years in prison in August amid ascandal that brought down South Korea's president.

The surprise resignation of Samsung's chip and display head came as he was expected to take a bigger role following Lee's arrest in February and the departures of other key executives in the wake of the bribery scandal.

"Now, the company needs a new leader more than ever and it is time for me to move to the next chapter of my life", Kwon said.

"I want my resignation to be an opportunity for a higher level of challenge and innovation and to overcome this hard situation", Kwon said in the statement. "It has not been an easy decision, but I feel I can no longer put it off", Kwon said in his letter.

"[Samsung] has been showing record performances", Kwon said.

Samsung will lose another major executive soon.

He added, the company is making record earnings, which are consequences of decisions and investments from the past. "Nobody wants to be the chief of Samsung at a time like this; it's too risky", said Park.

Lee Jae-yong is the son of Lee Kun-hee, the chairman of Samsung Group, and is seen as the company's heir apparent. But it could also encompass Samsung's recall fiasco with the Note7 smartphone previous year, with the flagship smartphone having to be pulled off of market shelves due to a fire hazard with its charging mechanism. The leadership shakeups appear to have had little impact on Samsung's business, however, with the company forecasting a banner third quarter of $12.81 billion in operating profit.

Kwon first joined Samsung back in 1985 as a researcher of the company's Semiconductor Research Institute in the US.

Samsung Electronics says its third-quarter profit likely surged almost three-fold over a year earlier to a new record high.