Money In Surprise Move, Samsung CEO to Step Down After Record Profit

09:12  13 october  2017
09:12  13 october  2017 Source:   Bloomberg

Samsung Elec CEO Kwon Oh-hyun to step down from management

  Samsung Elec CEO Kwon Oh-hyun to step down from management Samsung Electronics Co Ltd said on Friday its CEO and Vice Chairman Kwon Oh-hyun had decided to step down from management, as it forecast record third-quarter profits on the back of soaring memory chip prices. The surprise resignation comes as Kwon was expected to take a bigger role following the arrest of Samsung Group scion and heir apparent Jay Y. Lee in February on bribery charges, and the departures of other key executives."I believe the time has come for the company to start anew with new sprit and young leadership to better respond to challenges,” Kwon, who is seen as Samsung Group No. 2, said in a statement.

The move came on the same day Samsung forecast record third-quarter operating profit on the back of the memory chip business which Kwon was instrumental in building into the Samsung Electronics on Friday said that its CEO and Vice Chairman Kwon Oh-hyun will step down from the management.

Samsung Electronics Co Ltd said on Friday its CEO and Vice Chairman Kwon Oh-hyun plans to step down from management, deepening concerns over a leadership vacuum at the tech giant after group scion Jay Y Lee was jailed for bribery. The surprise resignation of Samsung ’s chip and display head

An attendee views the Samsung Electronics Co. Galaxy S8 smartphone displayed during the Samsung Unpacked product launch event in New York, U.S., on Wednesday, March 29, 2017. Samsung Electronics Co. packed the Galaxy S8 smartphone with a plethora of new features: taller, curved screens, encrypted facial recognition, deeper display colors, system-wide voice control and the ability to turn into a desktop computer.: 1492025597_311730473 © Bloomberg/Bloomberg 1492025597_311730473

The chief executive officer of Samsung Electronics Co. is stepping down in a surprise resignation after decades at the company, saying it needed new leadership following a bribery scandal that led to the imprisonment of its de facto chief.

Kwon Oh-hyun, who also serves as co-vice chairman, announced his retirement on Friday as the Suwon-based company reported record operating income of 14.5 trillion won ($12.8 billion) on booming demand for displays and memory chips. He said the company faces an “unprecedented crisis” despite the financial success.

Samsung is diving into mixed reality with its new Odyssey headset

  Samsung is diving into mixed reality with its new Odyssey headset Just when you were thought you’d figured out the differences between virtual reality, augmented reality, and 360-degree video, it’s time to learn a new phrase:…Samsung announced today that it’s launching a new headset, called Odyssey, for Windows Mixed Reality, Microsoft’s forthcoming platform for a version of virtual reality that can take advantage of the real world around a user. Whereas augmented reality can identify planes, such as walls and floors, mixed reality can recognize what’s happening in the world in greater depth, like the legs on a chair.

SEOUL, Oct 13 (Reuters) - Samsung Electronics Co Ltd said on Friday its CEO and Vice Chairman Kwon Oh-hyun plans to step down from management, deepening concerns over a leadership vacuum at the tech giant after group scion Jay Y. Lee was jailed for bribery. The surprise resignation of

SEOUL (Reuters) -- Samsung Electronics Co Ltd said on Friday its CEO and Vice Chairman Kwon Oh-hyun had decided to step down from management, as it forecast record third-quarter profits on the back of soaring memory chip prices.

Kwon had emerged as the public face of Samsung Electronics after Jay Y. Lee, grandson of the company’s founder, was detained on corruption charges and then sentenced to five years in prison in August amid a scandal that brought down South Korea’s president. While the latest financial results show Samsung’s business units operating smoothly, that in itself may present risks for Kwon, said Park Ju-gun, who tracks corporate executives at CEOScore.

“Nobody wants to be the chief of Samsung Electronics at a time like this; it’s too risky,” said Park. “It puts that person at odds with the controlling family. Only when he is in the shadow is he playing his role properly.”

Friday’s results didn’t include net income or break out divisional performance. Final numbers are usually released two weeks later. Samsung’s shares fell less than 1 percent by midday Friday in Seoul. They have climbed more than 50 percent this year.

Huawei aims to challenge Apple and Samsung on technology as well as price

  Huawei aims to challenge Apple and Samsung on technology as well as price China's Huawei has unveiled a new line of smartphones that match or even improve on key features offered by Apple or Samsung while undercutting their rivals on price. Huawei aims to distinguish itself through technological advances that will put it on a level playing field with the most coveted premium-priced devices, helping to boost profitability that has been undermined by heavy discounting in the chase for market share.

Samsung Electronics Co Ltd said on Friday its CEO and Vice Chairman Kwon Oh-hyun had decided to step down from management, as it forecast record third-quarter profits on the back of soaring memory chip prices.

Warning! CherokeeSentinel.com has expired. If this is your domain name you must renew it immediately before it is deleted and permanently removed from your account. To renew this domain name visit http://www.NameBright.com.

A Curtain Comes Down on Asia Tech’s Greatest Rivalry: Gadfly

Kwon, a semiconductor engineer who turns 65 this month, has met with President Moon Jae-in and attended events both at home and abroad since Lee was detained in February on corruption charges. Kwon will resign from the management board in March next year when his term ends, the company said.

“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 said in the statement.

Samsung has had a long tradition of stressing crisis even in good times for the business. Chairman Lee Kun-hee, who transformed the company from a copycat appliance maker to a global technology leader, said in 2010 that Samsung was entering a “real crisis,” just after the company achieved record annual sales of more than 130 trillion won.

Pixel 2's squeezable sides come with a catch

  Pixel 2's squeezable sides come with a catch The Galaxy S8 and Note 8 make this mistake, too.Sounds kind of cool, right? If you're grabbing your phone out of your pocket or purse and want to light up Google Assistant to ask a question, clasping a Pixel 2 is a quick, easy way to call forth the app, without having to poke around at the home button. It'll work if the phone's in a case, too.

Acces Denied. Please contact us (+33)478304142. ENGIE -1.60% Innogy CEO talks down European utility M&A prospects.

Samsung Electronics Co Ltd (>> Samsung Electronics Co Ltd) said on Friday its CEO and Vice Chairman Kwon Oh-hyun plans to step down The move came on the same day the South Korean smartphone maker forecast record third-quarter operating profit on the back of the memory chip

Lee has denied any wrongdoing and is appealing his conviction.

Mark Newman, senior research analyst at Sanford C. Bernstein said Kwon’s top deputies, President J. K. Shin, who is in charge of mobile products, or Kim Ki-nam, president of Samsung’s semiconductor business, may be in line to succeed Kwon.

“It’s definitely unexpected,” Newman said. “I think the company is going to be fine. The company just needs to find a way to fill this hole that Kwon is leaving.”

Samsung Electronics is the crown jewel of a conglomerate comprised of about 60 units selling selling life insurance, cargo ships and clothes.

Despite the trial, the company’s business has remained robust, helped by strong demand for memory chips. Contract prices for 32 gigabyte DRAM server modules climbed 7.2 percent in the September quarter from the June period while prices for 128 gigabit MLC NAND flash memory chips rose 4.7 percent in the same period, according to inSpectrum Tech Inc.

“It’s the chip prices that are driving up the profit rather than the sales volumes,” said Park Kang-ho, an analyst at Daishin Securities. “We’re expecting an operating profit of about 16 trillion won in the next quarter.”

Samsung Galaxy Note 9 Release Date Could Introduce Display Embedded Fingerprint Sensor

  Samsung Galaxy Note 9 Release Date Could Introduce Display Embedded Fingerprint Sensor The Samsung Galaxy Note 9 could be the first device to introduce the feature, which has been long rumored for several smartphones.Samsung is deciding between several suppliers for its embedded fingerprint scanner, according to Business Insider. The manufacturer has reportedly already received component samples from Synaptics and BeyondEyes. Samsung LSI and Egis (the latter of which provides capacitive fingerprint sensors for Samsung) are also in the running.

TOKYO (Reuters) - In a surprise move , Honda Motor Co said on Monday that CEO Takanobu Ito would step down in late June after six years in the top post, and will be succeeded by 55-year-old Managing Officer Takahiro Hachigo.

Samsung Electronics Co Ltd said on Friday its CEO and Vice Chairman Kwon Oh-hyun plans to step down from management, deepening concerns over a leadership vacuum at the tech giant after group scion Jay Y. Lee was jailed for bribery. The surprise resignation of Samsung 's chip and display head

Samsung also leads in the next generation of screens called organic light-emitting diode displays, supplying them to Apple and other smartphone makers, even as it competes for dominance in the global market. It’s also seeking to release a phone with a bendable display next year to tighten the lead with Apple and fend off challenges from Huawei Technologies Co., Oppo and other Chinese rivals.

Samsung is counting on the S8 and Note 8 smartphones released this year to recover from last year’s debacle with the Note 7. The company may benefit if Apple is unable to deliver a high volume of iPhone X smartphones as planned this year.

(Updates with Samsung CEO stepping down.)

To contact the reporter on this story: Sam Kim in Seoul at skim609@bloomberg.net.

To contact the editors responsible for this story: Robert Fenner at rfenner@bloomberg.net, Reed Stevenson

©2017 Bloomberg L.P.

Google vs Apple vs Samsung: who came out on top in 2017? .
The big three, head to head

—   Share news in the SOC. Networks

Topical videos:

This is interesting!