Samsung's CEO resigns

The CEO of Samsung has announced that he's resigning due to the company facing an "unprecedented crisis". Even though profits are at all time highs for Samsung, there has been some issues with management and they've been making the news for the wrong reasons. Long story short, this isn't good. Dawn ha the full story.

The CEO of Samsung Electronics Kwon Oh-Hyun resigned Friday, saying the South Korean tech giant was facing an “unprecedented crisis”, even as it expected profits to hit an all-time high in the third quarter.

Kwon's resignation comes as the company struggles to overcome a bribery scandal that sent Lee Jae-Yong, its de-facto head and heir to the Samsung empire, to jail.

But in a sign of good news for the company, its estimated operating profits for the July-September period of 14.5 trillion won ($12.8 billion) marked a record for quarterly profit, nearly tripling the 5.2 trillion won earned a year earlier.