According to the Nikkei, Kwon offered his resignation during an emergency board meeting Wednesday. Kwon, 69, told reporters that he believed it was time for someone younger to lead the company. 

"I thought that it would be good to hand over the company's management to a more energetic, competent and younger person than me," Kwon said, according to the Nikkei. 

The Nikkei has the story here.