Good luck post: South Korean technology giant Samsung Electronics Co., Ltd. replaced a new generation of senior management on Tuesday, promising to return shareholders with a $ 26 billion investment in 2020, as profit in the third quarter hit a record high.
Samsung, the world's largest semiconductor, TV and smartphone maker, appoints Jin Qinan to replace the company's vice chairman and chief executive, Quan Wuyi, who said he will step down from management and take charge of changes in other leadership of Jin Xuanshi In business, Gao Dongzhen will lead the IT and mobile communications departments. The new appointment takes effect immediately.
In announcing the reorganization of the leadership, Samsung said that it will continue to maintain the management structure of the three co-CEOs and separate the roles of chairman and CEO for the first time.
Following the accusation of bribery and corruption by Lee Jae-Soo, the successor of Samsung Group, Kwon-Woo-Hyun has been the company's chief executive. Earlier this month, Samsung said that the five-year term of power will end in March 2018 and it will no longer seek to enter Samsung's board of directors. The newly appointed personnel are long-time Samsung insiders, and its senior executives suggest continuity, not any new direction.
Some Samsung observers have reportedly feared that the appointment of Kim Kynan could lead the tech giant to ramp up production of memory chips. This will help South Korean giants gain market share, but it may drive down Samsung's current product prices.
Samsung Electronics reported on Tuesday that operating profit growth in the third quarter nearly doubled from the same period last year to 14.5 trillion won (approximately $ 12.91 billion), thanks to strong growth in the chip business.
Revenue increased by 29.8% to 62 trillion won. Earnings and revenues have reached the company's previously expected levels.
The chip business is still the company's big moneymaker, with operating profit reaching a record 10 trillion won in the third quarter, nearly double the 3.4 trillion won in the same period last year.
The mobile division got rid of the effects of the Note 7 recall last year, and its operating profit surged to 3.3 trillion won from 100 billion won in the same period last year.
Samsung shares rose 1.9%, while Korea's general stock market rose 0.9%. Over the past 12 months, Samsung shares have risen 71%.
Samsung also said it plans to pay about 29 trillion won in dividends between 2018 and 2020.
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