• News
  • Sci-tech

Samsung CEO to quit amid record profits

Samsung CEO to quit amid record profits

While there was no indication that Lee took any major role in the electronics wing of the company, it is being reported that Kwon's resignation could be a sign that the scandal has an impact within the upper echelons of Samsung's management. He was arrested earlier this year on multiple charges of bribery, embezzlement, and perjury, and was ultimately sentenced to 5 years behind bars. However, some key executives also departed from the South Korean tech giant.

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.

"As we are confronted with unprecedented crisis inside out, I believe that time has now come for the company (to) start anew", he said in a statement. Kwon has also been heading the components and display division within Samsung.

Kwon added the company is facing a grave situation despite it making record-breaking earnings. "But (at the moment) we are hard pressed to read future trends and find new growth engines", Kwon said.

"I am anxious about a leadership vacuum at a time when Lee is absent from management", said Mr Chung Sun Sup, chief executive of research firm Chaebul.com, following Mr Kwon's announcement. The decision surprised many across the world as he chose to step down despite record profits.

Tim Cahill rescues Australia and shatters Syria's World Cup qualification dream
In the first leg of their two-legged Asian qualifying finals against Australia , the Syrians scored an unlikely late equalizer on a penalty.

Mr Kwon, 64, is seen as Samsung Group's No. 2.

Kwon first joined Samsung Electronics in 1985. Samsung also leads in the next generation of screens called organic light-emitting diode (OLED), supplying them to Apple and other smartphone makers, even as it competes for dominance in the global market.

Samsung had a great quarter, thanks mainly to the increasing demand for memory chips with large storage capacities.

For its bottom-line boost, the company credited the success of its Galaxy S8 smartphone, along with strong memory-chip sales.

Kwon is stepping down as head of Samsung Electronics' device solutions division, which includes the semiconductor business, and will not seek re-election as a member of the company's board when his term ends next March.

Leave Your Comment

Leave Your Comment


Latest News

  • Trump threatens to pull NBC's license after unflattering news stories

    Trump threatens to pull NBC's license after unflattering news stories

    Trump again called the report "fake news " and added that such an increase in the nuclear arsenal was "totally unnecessary". He followed up nearly immediately with his veiled threat to strip NBC of their licence.
    The US Is Leaving UNESCO - Again

    The US Is Leaving UNESCO - Again

    Under the Reagan Administration, the USA quit UNESCO in 1984, at the time accusing the agency of a pro- Soviet Union bias. Netanyahu accused UNESCO of "becoming a Theater of Absurd because instead of preserving history, it twists it".
    Google Pixel 2 Arrives with Top-Rated Camera, New Smart Features

    Google Pixel 2 Arrives with Top-Rated Camera, New Smart Features

    The Pixel 2 XL will let you insert augmented reality virtual stickers that you can add into either photographs or videos. Basically, you point the Pixel's camera to, say, an event poster which contains a phone number and an email address.
  • Shanghai Masters: Rafael Nadal beats Grigor Dimitrov to reach semi-finals

    Shanghai Masters: Rafael Nadal beats Grigor Dimitrov to reach semi-finals

    The next couple of games went past within a blink of an eye, and Harrison soon found himself serving for the set at 5-3 up. The second semifinals match will feature Roger Federer , who faces Juan Martin del Potro for the 23rd time in his career.
    Face ID technology may be coming to iPad Pro

    Face ID technology may be coming to iPad Pro

    Analysts have been claiming that a lot of people will upgrade to the iPhone X and it has been referred as a super cycle. Demand for the pair is low, and won't break any records, anytime soon.
    Man Arrested In Edmonton Terror Attack

    Man Arrested In Edmonton Terror Attack

    Chief Knecht says police believe the man taken into custody "acted alone, although investigation is in its early stages". Although police have described the incident as a suspected terrorist act, terrorism charges have not been laid.
  • Amazon gives teens shopping independence

    Amazon gives teens shopping independence

    But for parents who don't want to review everything in advance, the option to set pre-approved spending limits is available, too. If there's a mistake in ordering, parents will be able to cancel and return any item as long as it meets Amazon's policies.
    Hamas and Fatah 'agree deal' for unified Palestinian government

    Hamas and Fatah 'agree deal' for unified Palestinian government

    Hamas and Fatah officials held two days of talks in Cairo this week about a Palestinian Authority return to Gaza. Hamas and Fatah organisations began negotiations on reconciliation last Tuesday through Egypt.
    Samsung HMD Odyssey Introduces the Ultimate Windows Mixed Reality Experience

    Samsung HMD Odyssey Introduces the Ultimate Windows Mixed Reality Experience

    The VR suite is just like being in your own home, blanks walls ready to decorate and you can decorate as you wish. We've already seen similar products that the likes of Acer, Dell, Lenovo, ASUS, and others have been working on.
  • US Academic Richard Thaler Wins Nobel Economics Prize

    US Academic Richard Thaler Wins Nobel Economics Prize

    U.S. economist Richard Thaler on Monday won the Nobel Economics Prize for his pioneering work bridging the gap between economics and psychology, the jury said.
    Saudi King takes 1500 staff to Russian Federation

    Saudi King takes 1500 staff to Russian Federation

    The King expressed his desire to continue cooperation with Russian Federation to maintain stability in the oil market. At the core of Saudi Arabia's regional woes is its rival Iran, which is backed by Russian Federation .
    Jefferson Beauregard Sessions III permits employers to discriminate against transgender employees

    Jefferson Beauregard Sessions III permits employers to discriminate against transgender employees

    This document lists 20 guiding principles that define religious freedom and how the government should correspondingly act . Attorney General Jeff Sessions issued two memos this week that critics say put the rights of the LGBTQ community at risk.
  • Watch MLB Playoffs 2017 NLDS Game 3 Online

    Watch MLB Playoffs 2017 NLDS Game 3 Online

    In came Kenley Jansen, looking to end the series, the Dodgers closer started the inning off by striking out Grégor Blanco. Yu Darvish gave the Dodgers everything he had, allowing one run on five innings, allowing two hits and struck out seven.
    Paddock Lollapalooza Chicago Booking Overlooked Concert, Report Says

    Paddock Lollapalooza Chicago Booking Overlooked Concert, Report Says

    Las Vegas gunman Stephen Paddock meant to spray giant jet fuel tanks with bullets according to a Las Vegas Review Journal report. It should be noted that even President Obama's daughter Malia was even in attendance at Lollapalooza .
    Former UK PM would be questioned over rape

    Former UK PM would be questioned over rape

    The allegations included child sexual abuse and rape and indecent assault, physical abuse and sexual abuse against an adult. The alleged assaults are said to have taken place in various areas of the South of England between 1961 and 1992.
  • Trump escalates feud with Corker

    Trump escalates feud with Corker

    The Tennessee senator added that the majority of Senate Republicans privately had reservations about the president. The White House on Tuesday escalated its feud with Sen.
    US Sen. Dianne Feinstein, 84, to run for 6th term

    US Sen. Dianne Feinstein, 84, to run for 6th term

    Congressional Republicans and President Trump have, however, called for a review of federal policy that now permits bump stocks. Kevin de Leon, who is term-limited as the Senate president pro tempore, are also known to be angling for higher office.
    Why it will be tough for India to beat USA

    Why it will be tough for India to beat USA

    Post their semifinal finish in 2007, Ghana have not been at their best and have qualified only twice in their last seven attempts. The Turks had the better of the first half, with Ahmed Kutucu's headed goal from a corner putting them 1-0 in front.

Breaking News



Recommended

Retail inflation at 3.28% in September

Factory output recorded a muted 0.9 per cent growth in July 2017, which was the first month after GST implementation. As food prices remained steady, the country's retail inflation also remained flat at 3.28% in September.

Trump Discusses 'Range of Options' to Respond to North Korean Aggression

Seoul says North Korea has repeatedly staged cyberattacks on South Korean business and government websites. Cheol-hee is a member of the South Korea's ruling party, and sits on the parliament's defence committee.

Get Ready for President Ivanka Trump, Her Mom Says In New Book

Donald Trump's first wife is refusing to even utter the name of wife No. 2, referring to Maples only as a "showgirl". She declined to talk about the 2005 "Access Hollywood" tape, saying, "I don't want to go into it".

Donald Trump Mocks Puerto Rican Accent During Hispanic Heritage Month Speech

The audience chuckles awkwardly as he makes a mockery of the accent, but we can't deal, and neither can Twitter. Trump replied: "We have the world's great military people in this room, I will tell you that".

Google Is Using Balloons to Restore Phone Service in Puerto Rico

The balloons have been used previously in flood-stricken Peru to restore cell service, with fantastic results. Google isn't the only tech giant extending a helping hand to Puerto Rico.

Trump Administration Rolls Back Rules Mandating Free Birth Control Coverage For Women

The Department of Health and Human Services says that 99.9% of women won't be affected by the new rule, which makes it ok. The religious exemption would cover a religious affiliated nonprofit employer, such as a church, school or charity.

Myanmar ready to take back Rohingya refugees

The violence , backed by radical Buddhist monks, has left scores of Rohingya villages torched and completely destroyed. A Myanmar official tally says hundreds of people died as violence consumed remote communities, including the Rohingya.

Coatesville students to collect donations to fight breast cancer

Jeff Davis Parish has the chance to make a difference in the lives of those have died or are living with breast cancer . The good news is that most women can survive breast cancer if it's found and treated early.

Las Vegas police say gunman Stephen Paddock had an escape plan

President Donald Trump is scheduled to arrive in Las Vegas Wednesday to meet with officials, first responders and some victims. Marilou Danley , the girlfriend of Las Vegas shooter Stephen Paddock, said she did not know what he was planning.

United States expels 15 diplomats from Cuban Embassy in Washington

The US restored formal ties in 2015 with Havana after more than half a century. Embassy in Havana no longer considers that a likely cause.