Kwon bids adieu to Samsung Electronics Empire, says time for young leadership

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Samsung did not announce the performance estimates of each business division but its semiconductor business is widely believed to have contributed greatly to the record-beating report.

Lee, who was found guilty in August of bribery, perjury and other charges relating to payments made by Samsung to the secret confidante of ousted president Park Geun-Hye, is appealing his five-year sentence and says he is innocent.

Even though Samsung reported its best-ever quarterly profit, Kwon said Samsung is confronting unprecedented crisis and needs a new leader more than ever.

The guidance report indicates the overall operating margin for the third quarter came to 23.4 per cent, also setting a new record.

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Samsung Electronics says its third-quarter profit likely surged almost three-fold over a year earlier to a new record high.

Kwon joined Samsung in 1985 at the company's Semiconductor Research Institute. Analysts forecast Samsung's 2017 net income almost doubled from 2016 and they expect Samsung to outdo its annual financial results for the next few years, thanks to its position as the world's largest maker of the semiconductor group known as memory chips that are used for mobile devices and computer servers.

Operating profit was estimated at 14.5 trillion won ($12.8 billion), compared with 5.2 trillion won tallied a year earlier, the company said in a regulatory filing.

He added, the company is making record earnings, which are consequences of decisions and investments from the past.

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"There are no words to describe how proud I am that we built together one of the most valuable companies in the world", Kwon said in an email to Samsung employees.

Prices of memory chips have skyrocketed globally due to the growing use of social media, mobile data, cloud computing and the emerging internet of things, which have combined to leave supplies tight.

Kwon is chairman of Samsung's board, but not its overall chairman.

Lee was arrested over allegations of inappropriate payments to South Korea's former president Park Geun-hye, via front companies connected to the disgraced politician, whose residence is now Seoul Detention Center.

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Samsung did not name a successor to Kwon. Hearings on his appeal and those of four other convicted Samsung executives began October 12.

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