Samsung boss resigns amid 'crisis'

The boss of Samsung Electronics will resign and not seek re-election as member of the board of directors and chairman of the board when his term ends in March.

Samsung's boss is stepping down
Samsung's boss is stepping down

Samsung Electronics vice chairman Kwon Oh-Hyun will also resign as the chief executive of Samsung Display.

The decision comes after Jay Y Lee, who is heir to the Samsung empire, was jailed in August for bribery and perjury.

Oh-Hyun revealed his retirement In a letter sent to all employees.

He said: "It is something I had been thinking long and hard about for quite some time. It has not been an easy decision, but I feel I can no longer put it off.

"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."

Oh-Hyun has worked at Samsung for 32 years and said "there are no words to describe how proud I am that we built together one of the most valuable companies in the world".

He added: "But 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."