Samsung Electronics CEO resigns, even as record profits expected

13 October, 2017, 19:21 | Author: Sammy Rose
  • Samsung CEO Kwon Oh-hyun

"As we are confronted with unprecedented crisis inside and out, I believe that time has now come for the company to start anew".

However, in a sign of good news for the company, its estimated operating profits for the third quarter of 14.5 trillion won (US$12.8 billion) marked a record for quarterly profit, almost tripling the 5.2 trillion won earned a year earlier.

"It is something I had been thinking long and hard about for quite some time".

He's likely referring to the arrest of Lee Jae-Yong, the de facto head of Samsung Group; the 49-year old leader was imprisoned in August after he was found guilty of bribery and embezzlement. "It has not been an easy decision, but I feel I can no longer put it off". 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.

"(The earnings) are based on investment made in the past. Kwon will also recommend a successor for his position, a Samsung spokesperson said.

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Friday's personnel announcement came shortly after the company said it was expecting to log 14.5 trillion won ($12.8 billion) in operating profits for the July-September quarter, an all-time record and almost three times the 5.2 trillion won of the same period a year earlier.

Sales are expected to have surged 29.65 percent year-on-year to 62 trillion won, with the booming semiconductor business boosting the company's bottom line.

The South Korean company did not elaborate on its performance and will disclose detailed earnings in late October.

"The company has been riding a global semiconductor boom", he said, adding the semiconductor business alone is believed to have contributed 10 trillion won to the operating profit.

Tech giant Samsung Electronics Co Ltd estimated on Friday its third-quarter operating profit almost tripled from a year earlier, beating expectations as strong memory chip prices likely padded margins. The leadership shakeups appear to have had little impact on Samsung's business, however, with the company forecasting a banner third quarter of $12.81 billion in operating profit.

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