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Samsung Electronics CEO resigns

Samsung Electronics Co. Ltd. Vice Chairman and CEO Kwon Oh-hyun will step down from the Samsung Group unit following the scandal that surrounded the company, Bloomberg News reported, citing a statement from the executive.

Citing the "unprecedented crisis" surrounding Samsung, Kwon said he was giving way for the company to have "young leadership to better respond to challenges arising from the rapidly changing IT industry," the executive was quoted as saying in the Oct. 13 report.

Kwon will be resigning from the company's management board in March 2018. Lee Jae-yong, the other Samsung Electronics Vice Chairman, is currently appealing his five-year jail sentence for bribery.