Samsung announces three new CEOs and posts record-breaking profits
Samsung CEO resigned a couple of weeks ago but that did not stop Samsung from making huge profits. Today, Samsung announced the three new CEO’s for different departments and also posted the record-breaking quarterly revenue and profit.
Samsung announces the three new CEOs each with a specific area of focus. Kim Ki-nam will lead the Samsung components business, Kim Hyun-suk will be leading consumer electronics and the mobile and IT business will be lead by Koh Dong-jin. Samsung said that it is “maintaining the current three co-CEO management structure” with these new announcements.
Mr. Kim Ki-nam was already leading the Samsung Electronics’ semiconductor business and he was also the CEO of Samsung display in past and also ran the memory division.
According to Samsung, Mr. Kim Hyun-suk, which is now the CEO of consumer electronics, is an expert in display technology and helped lead the company to dominance in the global TV market. And Mr. Koh Dong-jin was formerly the head of Mobile R&D and will now serve as the CEO of mobile and IT business.
Here’s what Samsung said about the announcement:
“The next generation of leaders are well suited to accelerate the pace of innovation and address the demands of the connected world. They have proven track records with extensive experience and outstanding expertise in their fields.”
Along with the new CEOs, Samsung also posted its record-breaking profits. It made 14.53 trillion won (about $13 billion) in profit, breaking the previous record of 14.1 trillion won set in last quarter. It shows that how Samsung is breaking its own records every quarter. The revenue was 62.05 trillion won ($55.4 billion) in Q3 which is also higher than the last quarter.
Samsung suffered a huge loss when it had to recall the Galaxy Note 7 when it started to explode last year. But Samsung did not give up and created a better Galaxy Note 8. And according to Samsung, the Galaxy Note 8 helped the company a lot in making record-breaking profits.