The Samsung Electronics CEO, Kwon Oh-hyun, resigned due to an “unprecedented crisis.” He was one of three co-chief executives of Samsung Electronics. Although he resigned as a CEO, he will continue to remain on the board of Samsung Electronics until March of 2018.

When announcing the decision to resign, Kwon Oh-hyun said, “As we are confronted with unprecedented crisis inside out, 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,”