Samsung CEO Kwon Oh-hyun resigns amid strong guidance for Q3

Samsung Electronics Vice Chairman Jay Y. Lee arrives at a court in Seoul South Korea

"As we are confronted with unprecedented crisis inside out, I believe that time has now come for the company to start anew, with a new spirit and young leadership to better respond to challenges arising in the rapidly changing IT industry", Kwon Oh-hyun, 65, said in a letter to employees.

In an emotional letter sent to all employees, Kwon said that while announcing his retirement was the most hard thing for him to do, he believed it was the right time and in the best interest of the company, amid continuing controversy around Samsung vice-chairman Lee Jae-yong, arrested on charges of bribery. Choi Gee-sung, Samsung's chief executive and president at the company's digital media division, also resigned earlier this year. Lee was convicted of corruption and sentenced to five years in prison in August.

Despite the spectacular performance, Kwon said the company was in the throes of an "unprecedented crisis" as he announced his intention to step down. "It has not been an easy decision, but I feel I can no longer put it off", said Kwon. For the third quarter of 2017, Samsung expects to make around 14.5 trillion won (around $12.8 billion) in operating profit off 62 trillion won (around $54.7 billion) in revenue, according to The Verge.

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Analysts said the company was likely to post another all-time high quarterly operating profit of somewhere between 15 and 17 trillion won in the October-December period as IT/mobile business is expected to contribute greater earnings as well.

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

"

"In any case, Samsung appears to have re-established some pretty solid footing this year, becoming a pioneer in mobile biometrics technology with the iris scanning capabilities of its award-winning Galaxy S8 devices and the newly-released Note 8 smartphone."

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Kwon, also known as Mr. Chip, was in charge of Samsung's component business. Kwon's departure from Samsung makes way for a new management that can finish the company's delayed reshuffle of its top executives.

Kwon joined the company in 1985 as a researcher of the company's Semiconductor Research Institute in the United States. Samsung Electronics has not yet announced a replacement.

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