Of the heel announcing a promising projected 3rd quarter financial report, Samsung Vice Chairman Oh-Hyun Kwon has put in his intentions to resign from as CEO and relinquish all posts held including as board member.

Samsung has posted a stellar increase in profitability after a dismal performance in 2016, and is on its way to another good overall year with successes coming from the semiconductor and the revival of its mobile handsets. The surprise move by the CEO has not been expected by market watchers who find Kwon a steady hand in managing the Korean conglomerate amidst the plethora of issues that plagued the company in recent times.

“It is something I had been thinking long and hard about for quite some time. It has not been an easy decision, but I feel I can no longer put it off,” Vice Chairman Kwon said “As we are confronted with unprecedented crisis inside out, I believe that time has now come for the company start anew, with a new spirit and young leadership to better respond to challenges arising from the rapidly changing IT industry” said Kwon.

Citing “crisis” which could mean the troubles with the ousted former Prime Minister Park Geun Hye, Samsung was colluding for favours that has gotten the company’s heir Lee Jae-yong arrested for high profile bribery and corruption.

“But now the company needs a new leader more than ever and it is time for me to move to the next chapter of my life.” He ended his remarks to employees by saying, “I would like to share my sense of pride and honor with you, and thank each one of you for your dedication and commitment to the company.”

Kwon joined the company in 1985 as a researcher of the company’s Semiconductor Research Institute in the United States and became the CEO of the company in 2012. No successor has been announced as of this story published.