Samsung CEO steps down after forecasting Record Earnings

Oct 14, 2017, 00:43
Samsung CEO steps down after forecasting Record Earnings

Samsung has two other CEOs, each overseeing its mobile phone business and home appliance division. Operating income nearly tripling to a record 14.5 trillion won ($12.8 billion) in the three months ended September, according to preliminary results.

"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 in the rapidly changing IT industry", Kwon Oh-hyun, 65, said in a letter to employees.

For instance, the Galaxy-maker is expected to report a significant, year-over-year growth in revenue of 62 trillion won ($54 billion) for the current quarter - in comparison to the 47.8 trillion won ($42 billion) generated during the same quarter last year.

With its de facto leader gone, Samsung is clearly struggling at an executive level - and now it has lost vice chair and chief executive Kwon Oh-hyun, generally regarded as the second-most important person at the company behind Lee Jae-yong.

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We will remind, in August of 2017 49-year-old Vice President of Samsung Electronics and heir to the Samsung Empire, Lee Jae-Yong was convicted by the Seoul court of corruption and breach of trust and sentenced to five years imprisonment.

"In any case, Samsung appears to have re-established some pretty solid footing this year, becoming a pioneer in mobile biometrics technology with the iris scanning capabilities of its award-winning Galaxy S8 devices and the newly-released Note 8 smartphone".

Analysts estimated 14.3 trillion won in operating profit according to financial data provider FactSet. The company's main products - DRAM and NAND memory chips used in smartphones - have also seen an increase in shipments and prices. He also has served as the CEO of Samsung Display since 2016.

Yonhap Infomax data, based on research from 21 securities firms, also showed Samsung is expected to post an operating profit of 16 trillion won in the fourth quarter, up 74 percent from a year earlier.

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