Samsung Electronics appoints three new co-CEOs, announces full record-setting Q3 2017 results
Those who feared a leadership “vacuum” for the world’s largest chipmaker, smartphone producer and TV vendor after the arrest and conviction of Samsung Group Vice Chairman Jay Y. Lee, as well as the shock resignation of Samsung Electronics CEO Kwon Oh-Hyun, should fear no more.
While the multinational conglomerate remains without a powerful, healthy and free commander, a “younger generation of leaders” has been handed the responsibility of sharing Samsung Electronics chief executive officer duties.
Following Kwon Oh-Hyun, former co-CEOs Yoon Boo-Keun and Shin Jong-Kyun, aka JK Shin, have also resigned from their super-high-profile jobs, passing on the baton to a new trio of business managers.
Kim Kinam is replacing his ex-Device Solutions Division boss after serving as the Semiconductor Business President for the past few years, reaching number one in the chain of command of the hugely profitable department including memory chips.
Meanwhile, Koh Dong-Jin, the 2015-appointed president of the IT and Mobile Communications segment, is seeing his responsibilities (and benefits) expanded, and Kim Hyun-Suk, Samsung’s President of the Visual Display Business, takes over from Yoon Boo-Keun as the head honcho of the entire Consumer Electronics operation.
It’s certainly no coincidence that the chaebol’s full Q3 2017 financial results are released on the same day as this major management shakeup is announced, with both sales and operating profit conforming to Samsung Electronics earnings guidance from a couple of weeks back.
The previous quarter’s overall 14.07 trillion won profit record rises to a new all-time high of KRW 14.53 trillion on the back of similarly progressive 62.05 trillion won revenue.
Once again, strong demand for high-performance memory chipsets is highlighted as a key “contribution factor to the company’s overall robust performance”, alongside “strong shipments” of smartphones.
The Galaxy Note 8 and the mid-range Galaxy J 2017 lineup in particular sold well between July and September, with both smartphone and tablet volume “forecast to increase during the year-end peak season.” It remains to be seen if Samsung can break records for a third straight quarter in the October – December 2017 timeframe.