The CEO of South Korea's tech giant Samsung Electronics Kwon Oh-Hyun will step down, the company said Friday, as it struggles to overcome a bribery scandal that sent his predecessor to jail.

"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", Kwon was quoted as saying in a statement.