Lee Jae-Yong was slapped with a five year jail sentence after being found guilty of bribery and corruption in August.
According to CEO Kwon Oh-hyun he had been contemplating leaving the company for quite some time.
“As we are confronted with unprecedented crisis inside out, I believe that time has now come for the company [to] start anew, with a new spirit and young leadership to better respond to challenges arising from the rapidly changing IT industry,” he said in a statement.
Kwon was one of three co-executives and will continue to serve on the board of the company until March of 2018.
Despite his exit the company has remained stable following the launch of the Note 8 smartphone which recorded the highest pre-orders ever.
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