Samsung replaces all CEOs, strong mobile performance for Q3
The new leadership includes Kinam Kim, Hyunsuk Kim, and Dongjin Koh.
Samsung's released some true heavy-hitters this year with the Galaxy S8, Note 8, and Gear Sport, and while the company has been dishing out some of its best products in years, big things are happening behind the scenes. Most recently, Samsung announced that it'll be replacing all of its current CEOs effective immediately.
The three new co-CEOs at Samsung Electronics include President Kinam Kim, Hyunsuk (HS) Kim, and Dongjin (DJ) Koh, and they'll respectively be succeeding Vice Chairman Oh-Hyun Kwon and Presidents Boo-Keun Yoon and Jong-Kyun Shin.
DJ Koh oversees the development of Samsung's Galaxy phones.
Kinam Kim has been with Samsung since 1981 and is also serving as CEO of Samsung Display, whereas HS Kim has helped the company lead sales in the television market for 11 consecutive years. If DJ Koh's name sounds familiar, that's because he oversees the development of Samsung's Galaxy handsets.
Samsung announced on October 12 that now-former CEO Kwon Oh-Hyun would be resigning from his position due to an "unprecedented crisis", but at the time, it wasn't clear who he would be replaced with. Following this most recent announcement, Kwon said:
The next generation of leaders are well suited to accelerate the pace of innovation and address the demands of the connected world. They have proven track records with extensive experience and outstanding expertise in their fields.
Samsung Electronics CFO Sang-Hoon (SH) Lee will also be resigning from his position as CFO and is being recommended to be the company's new Chairman of the Board (officially succeeding Kwon next March).
Alongside these corporate changeups, Samsung also recently published its performance for Q3 2017. Revenue increased by KRW 14.23 trillion year-over-year up to KRW 62.05 trillion, and operating profit also saw an increase of KRW 9.33 trillion to the current number of KRW 14.53 trillion.
The Galaxy Note 8 helped lead Samsung's mobile sales in Q3.
The IT & Mobile Communications Division for Samsung recorded revenue of KRW 27.69 trillion and operating profit of KRW 3.29 trillion, and Samsung credits this growth to "solid performance" of the Galaxy Note 8 and Galaxy J 2017. However, even with these strong numbers, quarter-over-quarter earnings did decrease due to "higher sales portion of mid-to-low tier models."
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