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Samsung CEO to step down, citing ‘unprecedented crisis’

Samsung Electronics Co. Ltd. Chief Executive and Vice Chairman Kwon Oh-hyun said Friday he would step down when his term ends in March 2018. “As we are confronted with unprecedented crisis inside out, I believe the time has come for the company to start anew with new sprit and young leadership to better respond to challenges,” Kwon said in a statement. Kwon, 64, has led the electronics giant since 2012, and has been the conglomerate’s de facto leader since Samsung heir Lee Jae-yong was convicted of bribery. Earlier Friday, Samsung forecast record quarterly profits.

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