profishingrods.com
profishingrods.com December 18, 2017


Samsung Electronics CEO Kwon Oh-hyun to retire after March 2018

13 October 2017, 08:54 | Randall Craig

Samsung Electronics CEO resigns

Samsung Electronics CEO Kwon Oh-Hyun Resigns, Says Company is Facing an 'Unprecedented Crisis'

"Lee's lawyers may argue that Samsung, with the veteran Kwon gone, needs its vice chairman back more than ever to lead the firm", he said, adding that the tactic had often been used by other family-run South Korean business empires.

Kwon, also known as Mr. Chip, was in charge of Samsung's component business.

Samsung expects to pull in 62 trillion won ($54.9 billion) in revenue and 14.5 trillion won ($12.8 billion) in profit for the three months ending September 30, a near 300% increase in profit compared to the same period previous year.

The "unprecedented crisis" Kwon referenced is the conviction of Lee earlier this year on bribery charges, landing the 49-year-old exec a five-year prison sentence.

Kwon will leave the company in March, when his term as chairman of Samsung Electronics ends.

"As we are confronted with unprecedented crisis inside out, I believe that the 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", Kwon said.




"(The earnings) are based on investment made in the past. Lee Jae-yong's conviction was part of a bribery scandal that reached all the way to the president of South Korea, Park Geun-hye, who was impeached a year ago is also serving time in prison. While Samsung was battered a year ago following the Galaxy Note 7 debacle, it seems to have bounced back and will soon announce a much rosier financial position.

Kwon also shared his sense of pride and honor with his employees, thanking them for their dedication and commitment to Samsung.

The company forecast bumper quarterly earnings on Friday, putting it on track to post a record operating profit for the period. Kwon was expected to take a bigger role after the arrest of scion and heir apparent of Samsung Group, Jay Y Lee. Sales increased 20% year over year during the quarter. This business generates more profits compared to smartphone and other businesses.

Samsung is expecting record profits for third quarter amid the high-flying memory chip prices. Both Samsung and Apple recently released new flagship smartphones.

The consumer electronics division will also benefit from strong seasonal demand, he added.



Other News

Trending Now

Joint Iraqi Forces Advance towards Northern Kirkuk
The Peshmerga deployed amid KRG fears of Iraqi government troops and militia moving against the city. Turkish Prime Minister Binali Yildirim is expected to visit Baghdad on Sunday to meet with Abadi.

Pakistan official details vehicle chase that freed kidnapped US-Canadian family
The US official said there are some questions surrounding Boyle's past, but the Department of Justice said he did not face arrest. In 2009, Boyle was briefly married to Zaynab Khadr, the sister of Canadian-born Omar Khadr who spent a decade at Guantanamo.

GOP US Sen. Collins won't run for ME governor
Her decision will likely free more gubernatorial candidates who have been waiting on the sidelines to enter the race. Senate in 1996, and she has remained as one of Maine's representatives in Washington, D.C. since then.

President Trump to Address 12th Annual Values Voter Summit
Trump zeroed in on this subject much more during his presidential campaign than he has as president. Trump mentioned his nomination of Neil Gorsuch to the Supreme Court.

Federation Internationale de Football Association suspends Pakistan for third-party interference
The ban cuts off funding from Zurich, and bars national and club teams and officials from global games and meetings. It [FIFA] had told us it would suspend us if the political interference did not end", Hayat told Geo News Pakistan.

Pep Guardiola gives update on Sergio Aguero ahead of Stoke clash
Pep Guardiola has won the Barclays Manager of the Month award after a flawless record with Manchester City in September. He's much, much better, but hopefully he's in the last part of his recovery.

Uber launches appeal against London's decision to cancel licence
Uber's 40,000 drivers in the British capital will be able to continue operating until the appeals process is exhausted. Uber will challenge the licence decision "with the knowledge that we must also change", he said.

Honor 6C Pro unveiled with modest specs and sleek design
To recall, its predecessor, the Honor 5C which is now available in India comes with 2GB of RAM and 16GB of inbuilt memory . In an another update from Huawei , Honor 9i, launched on October 5, will go on sale today at midnight on Flipkart.

Google Pixel 2 Launcher now available to Download
The Google Home trick of playing things on Chromecast is now available on your phone, closing the gap just slightly. We're working with our carrier and device partners to bring this experience to more Android devices over time.

Maria Sharapova beats Switzerland's Vogele to reach Tianjin Open semifinals
The successful tennis player will face third seeded in semifinals and Chinese Shuai Peng, champion of previous year . In the end, her eighth double fault and two massive winners helped Sharapova to clinch the 14th win of the season.