Samsung Electronics CEO Resigns

May 14, 2008 12:54 p.m. EST

Seoul, South Korea (AHN) - Samsung Electronics CEO and vice chairman Yun Jong-yong has resigned. Lee Yoon-woo, the previous head of the electronics company's chip unit, will replace Yun.

The leadership change follows the April resignation of Samsung Chairman Lee Kun-hee after being indicted on fraud. Yun had offered to resign at the time of Lee's departure.

The choice of Lee indicates Samsung, which is expected to post is largest profit, intends to stay the course.