Chairman of Samsung’s board of directors has decided to resign next year

The chairman of Samsung Electronics Co.’s board of directors has announced to resign next year to make way for a new leader after its de facto chief was jailed on corruption charges.

“As we are facing the unprecedented crisis inside out, I believe it’s time for the company to start anew, with a new spirit and young leadership to better respond to challenges arising in the rapidly changing IT industry,” Kwon Oh-hyun said in his letter to the company.

According to the statement by Samsung, Kwon has decided to resign as head of Samsung’s semiconductor and component business and will not participate in the next election for the position in company’s board after his term expires in March.

After vice chairman of the company, Lee Jae-yong was jailed earlier this year, Kwon has represented Samsung Electronics at various occasions. Lee, vice chairman, 49, was convicted on corruption charges and sent to the jail for five years in August, along with four other former executives of the company.

Samsung Company has two other CEOs, each overseeing its mobile phone business and home appliance sector. But the department of chip and display led by Kwon and show Samsung’s stunning profit growth this year.

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