The South Korean technology giant Samsung Electronics Co Ltd announced on Monday that the three presidents have been elevated to co-CEOs.
The world’s biggest maker of semiconductors, televisions and smartphones revealed a new generation of top managers. The company confirmed that its chief financial officer Lee Sang-hoon will be the new chairman of the board, said long-time co-CEOs J.K. Shin and Yoon Boo-keun would resign.
The company unveiled record third-quarter profit and promised to reward shareholders with $26 billion in payouts to 2020.
Kim Ki-nam, 59, was controlling the Device Solutions division which develops components such as memory chips. The technical giants of the firm’s reported record third-quarter profit of 14.5 trillion.
A fund manager at HDC Asset Management which holds Samsung Electronics shares, Park Jung-hoon said that there was a concern about Kim’s move to expanding chip capacity and upsetting the currently approving supply-demand balance.
Samsung also stated that Koh Dong-jin, 56, would lead IT and Mobile Communications. The division includes smartphones, reported a profit of 3.29 trillion won. Kim Hyun-suk, 56, would head Consumer Electronics.
The semiconductor business was company’s largest sector in the third quarter, with a reported record operating profit of 9.96 trillion won. The truth behind the profit is the increase in seasonal demand and price of its products.
According to the company, the profit outlook is positive with chips market which will help remain favourable in 2018.