Samsung CEO Kwon Oh-hyun steps down

Surprise exit comes as the firm reports record $12.8-billion operating income

The chief executive officer (CEO) of Samsung Electronics is stepping down in a surprise resignation after decades at the company, saying the business needed new leadership following a bribery scandal that led to the imprisonment of its de facto chief.

Kwon Oh-hyun, who also serves as co-vice-chairman, announced his retirement on Friday as the Suwon-based company reported record operating income of 14.5 trillion won ($12.8 billion) on booming demand for displays and memory chips. He said the company faces an “unprecedented crisis” despite the financial success. Kwon, who turns 65 on Sunday, plans to stick around for six months until a