CEO of Samsung Electronics resigns; company forecasts record Q3 operating earnings

CEO of Samsung Electronics resigns; company forecasts record Q3 operating earnings
On Friday, Samsung announced that the CEO and Vice Chairman of Samsung Electronics, Kwon Oh-hyun, plans to resign. He is known as "Mr. Chip" for turning Samsung into the world leader in memory chips. The announcement shocked some Samsung followers. According to Park Ju-gun, head of research firm CEO Score, "The timing is nonsensical. Samsung tipped record earnings, it's going to be better in the fourth-quarter, and all that's been driven by Kwon's components business."

In addition to announcing Kwon's resignation, Samsung said that it would report record third quarter operating earnings thanks to strong memory chip sales. The strong demand for chips is also expected to lead to a record breaking annual profit. For the second quarter ended in June, semiconductors were responsible for profits of 8 trillion won ($7.20 billion USD).


Kwon, 64, spent half his life working at Samsung, and isn't leaving his position as chairman of the board and board director until next March. He also isn't immediately leaving his other two positions. He runs Samsung's businesses that focus on components and displays. The company refused to say who might be in line to replace the executive.

source: Reuters

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20 Comments

1. RevolutionA

Posts: 379; Member since: Sep 30, 2017

Who cares, Steve jobs and Tim cook rock still.

5. Hallyu

Posts: 790; Member since: Jul 21, 2015

Yep coz they got sheep like you. The world knows Cook is the culprit of workers abusing, bullying , and suicide. The whole Apple has committed very sinful act!

10. Plasticsh1t

Posts: 3086; Member since: Sep 01, 2014

Says the brainwashed sheep.

12. RevolutionA

Posts: 379; Member since: Sep 30, 2017

Any proof? huh... kiddos

17. DBoss

Posts: 102; Member since: Feb 18, 2017

the proof is der... u kn wat?! u r more than dumb enuf to read and accept it...

20. MasterAlchemist

Posts: 56; Member since: Oct 14, 2017

You are as retarded as ever. Grow up, kid.

6. GoTstan

Posts: 386; Member since: Jul 25, 2015

Steve Jobs huh. Dead what 7yrs? Tim cook, what has he done? Apple hasn't been the same since Jobs. He was the wizard

2. HugoBarraCyanogenmod

Posts: 1408; Member since: Jul 06, 2014

It's understand to see him resign, I would do the same if I was him. Samsung's fami-Lee just have too much fraud inside. And probably drag him to prison

3. Hallyu

Posts: 790; Member since: Jul 21, 2015

What fraud were you talking about? If you meant the ex-vice chairman Lee, yeah he was a scum, but we jailed him already. Seriously you seem don't get how a chaebol works. Go troll somewhere else man

4. Chuck007

Posts: 1409; Member since: Mar 02, 2014

So pigs really do fly! I find myself agreeing with Hallyu..

16. Finalflash

Posts: 4061; Member since: Jul 23, 2013

I don't think you understand. According to Apple fan mentality, he should have been given a several hundred million dollar bonus and a golden parachute as well, a la wall street bailout style.

18. MasterAlchemist

Posts: 56; Member since: Oct 14, 2017

Wow, the son of Sammy's chief janitor is still kicking butt? It's good to see that his English got better, too.

13. uncle_gadget

Posts: 1050; Member since: Sep 20, 2017

He looks old for 64. Maybe he has bad health, you ever though of that? The Lee family was the owners of Samsung LTD the parent company. They have nothing to do with Samsung Electronics. Samsung Electronics is its own company underneath the Samsung LTD umbrella. All companies have evil people who work in them and so do Gov't's.

14. AxelFoley

Posts: 536; Member since: May 30, 2017

" They have nothing to do with Samsung Electronics." You do realize that Lee went to jail because he paid a $41 billion bribe to get the government to approve a merger between his Samsung Electronics and his Samsung Cheill, right? What are you even talk about. When Tim Cook wanted help in suing Qualcomm, he called JY Lee. You need Penny to help you Uncle Gadget.

15. Plasticsh1t

Posts: 3086; Member since: Sep 01, 2014

If he was a second Hitler he will still approve him and treat him as a saint. Techie worships anything Samsung.

7. Hollowmost

Posts: 405; Member since: Oct 10, 2017

Sammy q3 2017 Revenue : 61 trillion won Profit : 14.5 trillion won Q3 2016 Revenue: 48.8 Profit: 5.2 Almost 300% yoy

19. MasterAlchemist

Posts: 56; Member since: Oct 14, 2017

The lion's share is from Sammy "Semiconductor" NOT from "Sammy IM" (mobile business division)

8. kkmkk

Posts: 699; Member since: May 06, 2013

unbelievable every quarter for Samsung is a new record profit just amazing

9. airoid

Posts: 122; Member since: Dec 13, 2016

Well I would retire too at 64 with millions in the bank. Why work? Enjoy your life seeing the world. Average people working 3/4 of their lifetime.

11. trojan_horse

Posts: 5868; Member since: May 06, 2016

At 64, he's obviously at the time where of retirement is up for grabs. Haha, good luck, Mr Chip.

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