Samsung Electronics CEO and Vice Chairman Kwon Oh-hyun has introduced plans to step down from his place on the head of the company. The 64-year-old, who has spent the final 32 years at Samsung, working as CEO for the final 5, cited a must convey “new spirit and young leadership” into the agency.

“We are fortunately making record earnings right now, but this is the fruit of past decisions and investments,” he stated in a press release, including, “we are not able to even get close to finding new growth engines by reading future trends right now.”

The move is surprising given that Samsung’s memory chip and display businesses — which Kwon is also heading — have been very successful in recent times, and can little question have performed one other important function in Samsung’s Q3 2017 revenues.

Samsung launched its earnings guidance report for the third quarter earlier at present alongside Kwon’s announcement, and the company predicts record profits for the second straight quarter. Samsung expects consolidated gross sales of round 62 trillion Korean received (~$54.7 billion) and consolidated working revenue of circa 14.5 trillion Korean received (~$12.eight billion), leading to a year-on-year income enhance of ~28 % and an working revenue enhance of ~170 %.

Samsung’s enterprise has carried out properly all through 2017 regardless of issues on the highest ranges of its administration. Samsung’s performing boss Jae-yong and 4 different executives had been arrested on corruption costs earlier this 12 months, and Lee was convicted in August. He’s set to serve a five-year sentence.

In a letter despatched to workers (through USA Right this moment), Kwon stated: “We are confronted with unprecedented crisis inside out” — probably a reference to Lee’s sentence and the difficulties which have adopted.

Kwon will formally go away his CEO put up subsequent March, although Reuters states that he’s not instantly stepping down from his two different roles in show and semiconductors. Who will succeed him as CEO hasn’t but been introduced.