After 32 years, Samsung Electronics’ CEO Kwon Oh-hyun has stunned the tech world by announcing he will no longer be with the company as of March 2018. His statement signals a big shift within the South Korean giant and the challenges it faces in an ever-changing industry. No word yet on his replacement.
Samsung is one of the most popular smartphone brands in the Android world. Its now iconic Galaxy line progressively brought the platform to new heights, so this raises some questions about what effect this will have on the future of the manufacturer. Part of his letter reads as follows:
"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."
Despite record profits in 2017, Samsung has seen better days. Earlier this year, heir to Samsung’s empire Lee Jay-yong was sentenced to five years in prison on charges of bribery. And previously there was the unfortunate tale of the Galaxy Note 7, that sparked a massive scandal even resulting in the banning of the device on airlines around the world.
Given Samsung’s market dominance, one can’t help but wonder what this means for the future of the brand considering the rising popularity of competitors like Huawei.
What do you think? Samsung still consistently delivers top products so could they manage to create an even stronger foothold on their power in the tech world? Let us know!