etvfutures.com
etvfutures.com December 16, 2017


Samsung Electronics CEO resigns, says company is in "unprecedented crisis" ars_ab.settitle(1186199)

13 October 2017, 08:40 | Brandon Parsons

Samsung CEO Kwon to step down even as chip business thrives

Samsung Electronics CEO Announces Resignation Amid 'Unprecedented Crisis'

But just when it seemed things were peaking, Samsung must deal with another setback after CEO and vice chairman Kwon Oh-hyun announced that he is planning to step down from his role as CEO of Samsung and Samsung Display in March of 2018.

Kwon Oh-Hyun's resignation comes as the company struggles to overcome a bribery scandal that sent Lee Jae-Yong, its de-facto head and heir to the Samsung empire, to jail.

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

Lee's father, Lee Kun-hee, who still retains the chairman title, has been bedridden since 2014 due to health problems, and Lee Jae-yong was sentenced to five years in prison in August for bribing former President Park Geun-hye. "It has not been an easy decision, but I feel I can no longer put it off", Kwon said in his letter.

"There are no words to describe how proud I am that we built together one of the most valuable companies in the world". "But now the company needs a new leader more than ever and it is time for me to move to the next chapter of my life".

Kwon will also recommend a successor for his position, a Samsung spokesperson said.

Kwon's sudden departure may be a calculated legal tactic to seek a softer punishment for Lee, said Shim Jung-Taik, an author of several books on Samsung and its corporate culture. He later served as head of the division producing system semiconductors and then as head of the semiconductor business before becoming CEO of the company in 2012. Kwon eventually became the CEO of Samsung Display in 2016.

TCS Q2 net profit rises 8.3% QoQ
Shares of TCS gained 1.9% in Mumbai trading on Thursday before the earnings were released, while the benchmark S&P BSE Sensex closed up 1.1%.


Samsung is expecting record profits for third quarter amid the high-flying memory chip prices.

Samsung will lose another major executive soon.

But in a sign of good news for the company, its estimated operating profits for the July-September period of 14.5 trillion won ($12.8 billion) marked a record for quarterly profit, almost tripling the 5.2 trillion won earned a year earlier.

South Korea's largest company has been seeking to move past a bribery scandal that saw Lee thrown into jail, and to overcome a damaging recall previous year of its flagship Galaxy Note 7 smartphone over exploding batteries.

"Kwon himself might have thought over the issue for a long time", a Samsung spokesperson said, "but the notice itself was a surprise internally as well".

One analyst who declined to be named said the departure of the 64-year-old Samsung veteran may signal a broader reshuffle at the top.



Other News

Trending Now

U.S. and Korea navies to conduct joint maritime counter special operations exercise
In April, South Korean media reported that Navy SEALs aboard the MI had trained with a local force to decapitate North Korea's Kim Jong Un regime.

Download Pixel 2 launcher APK
In other cases, including if only one person is on ViLTE, Google Duo is used to connect the video call to other Google Duo users. However, this would depend on if you and the person you are video calling are on a carrier that supports ViLTE video calling.

Bixby 2.0 might be announced next week at Samsung's Developer Conference
The Vice Chief of Samsung Research America, Chung Eui-suk, has been appointed as the new head of the service intelligence group.

Flight 666 to HEL makes its final Friday 13th trip
Plane passengers dubbed "the bravest in the world" will this afternoon board flight 666 to HEL on Friday the 13th. The flight started 11 years ago and has fallen on Friday the 13th 21 times with no reported ill effects.

BMW, Great Wall confirm Chinese Mini production talks
John Zeng, managing director of LMC Automotive Shanghai, said the possible partnership might be dedicated to electric Mini cars. Subsequently, Hyundai was also linked as a buyer to Jeep brand .

The Latest Trailer For Netflix's 'Stranger Things' Season 2 Is Here!
Stranger Things 2 is ushering in its final trailer on Friday the 13th before the sophomore season debuts at the end of the month. It's a pretty ideal date to drop the second trailer for the nine new episodes that will come out on Friday, Oct. 27.

Oxford to ban petrol and diesel cars from centre by 2020
However, the proposal for a zero emission zone relies on technology being sufficiently developed to allow this to be practical. The next phase of the plan will involve a more comprehensive ban, which will usher in the zero-emissions zone in its entirety.

Harry Kane, Pep Guardiola Scoop Premier League Monthly Awards for September
The 24-year-old striker scored six Premier League goals for Spurs last month, plus five more in the Champions League. We have a very good relationship".

Citigroup Inc. Reiterates "Neutral" Rating for Bank of America Corporation (BAC)
They now have a $27.00 target price on the financial services provider's stock, up from their previous target price of $25.00. The rate the bank paid on US interest-bearing deposits was 0.24%, compared with a rock-bottom 0.11% in the prior quarter.

Jamie Carragher's Premier League XI from the season so far
But that's what Sky Sports pundit Jamie Carragher attempted to do for the Telegraph . Do YOU want to write for GiveMeSport?