Samsung's CEO Resigned

Samsung CEO Kwon Oh-hyun resigned, the reason he said was that the South Korean giant was facing an "unprecedented crisis," the BBC reported.

Kwon's resignation came after Samsung Electronics's profit is expected to grow by 26.65% in the third quarter.

The company is also trying to overcome the corruption scandal that sent the company chief to jail.

Resignation of Kwon Oh-hyun will make the stabilization of the corporation even more difficult, the BBC notes, adding that he is one of the three executives of Samsung Elecronics.

According to Kwon, he had been thinking about his decision for some time and could no longer continue to lead the company.

"We are facing an unprecedented crisis, and I believe there must be young and completely new leaders to deal with the hurdles of a rapidly changing IT industry," he said.