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Citing 'unprecedented crisis' facing the company, the letter says it's time for the company to move ahead under a young leadership.

"As we are confronted with unprecedented crisis inside out, I believe that time has now come for the company starts anew, with a new spirit and young leadership to better respond to challenges arising from the rapidly changing IT industry."

Needless to say, the crisis the 64-year old is referencing does have its roots in the 5-year jail term awarded recently by a South Korean court to the company's billionaire heir-apparent Lee Jae-Yong for corruption.

Kwon has held the position of Samsung Electronics CEO since 2012. The tech giant is yet to announce a successor. It's worth mentioning that aside from Kwon, the company has two other co-CEOs.
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