Tag Archives: Announces

Samsung CEO Kwon Oh-hyun Announces Shock Resignation as Profits Surge

Kwon Oh-hyun’s resignation deepens concerns of a leadership vacuum at the tech giant.

Samsung Electronics Co Ltd ssnlf said on Friday its CEO and Vice Chairman Kwon Oh-hyun plans to step down from management, deepening concerns over a leadership vacuum at the tech giant after group scion Jay Y. Lee was jailed for bribery.

The surprise resignation of Samsung’s chip and display head came as he was expected to take a bigger role following Lee’s arrest in February and the departures of other key executives in the wake of the bribery scandal.

The move came on the same day the South Korean smartphone maker forecast record third-quarter operating profit on the back of the memory chip business which Kwon was instrumental in building into the world leader.

“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,” said Park Ju-gun, head of research firm CEO Score.

Kwon, 64, is seen as Samsung Group No. 2. As well as being chairman of the board and a board director, he heads the components business – including memory chips – and the display business.

In a statement, the man known as “Mr Chip” said the time had come to “start anew with new sprit and young leadership”.

“We are fortunately making record earnings right now, but this is the fruit of past decisions and investments; we are not able to even get close to finding new growth engines by reading future trends right now,” he added.

The world’s biggest maker of memory chips, smartphones and TVs is set to smash its annual profit record this year, thanks partly to soaring demand for memory chips. Semiconductors were Samsung’s top earner in the three months through June, making a record 8 trillion won ($ 7.20 billion).

The global chip industry is undergoing a major shift with Japan’s Toshiba Corp partnering with home rival SK Hynix, and other firms consolidating in search of new growth areas like artificial intelligence and automobiles.

Shares in Samsung, worth about $ 350 billion, fell 0.6 percent on Friday after hitting an all-time high earlier in the day.

CHANGING THE OLD GUARD

The departure of 32-year Samsung veteran Kwon after five years in the top job comes at a time of leadership uncertainty at the company.

Choi Gee-sung, Jay Lee’s mentor, quit earlier this year for his alleged role in the bribery scandal, and Samsung Electronics now needs to fill several more key roles with Kwon’s exit.

Kwon would serve out his term as chairman of the board and board director until March 2018, the company said. He is also not stepping down immediately from his two other roles.

A Samsung Electronics spokeswoman declined comment on the exact timing of succession and potential successors for Kwon’s roles.

While Samsung Group is South Korea’s top conglomerate with businesses ranging from smartphones to hotels – it has had no ‘Plan B’ for taking big decisions following Lee’s arrest, people familiar with the matter have said.

“I‘m worried about a leadership vacuum at a time when Lee is absent from management,” Chung Sun-sup, chief executive of research firm Chaebul.com, said following Kwon’s announcement.

The leadership changes also could be an opportunity for a new generation to emerge, he added.

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IDG Contributor Network: Raspberry Pi Foundation announces the best return gift

The first Raspberry Pi device was released on February 29, 2012. Celebrating the fifth anniversary of the credit card sized, single-board computer, the Raspberry Pi Foundation has announced the perfect return gift: Raspberry Pi Zero W.

You guessed it right, the W in the name stands for “wireless.” This is a new version of Raspberry Pi Zero that comes with Wi-Fi and Bluetooth capabilities at a mere $ 10.

A few days ago, I spent $ 12 to get a Bluetooth dongle for my Xbox One. Here I am getting a full fledged computer with wireless capabilities for less than what I paid for the dongle.

To read this article in full or to leave a comment, please click here


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Momkus McCluskey Roberts LLC Announces the Hiring of DuPage County…

The DuPage County law firm of Momkus McCluskey Roberts LLC announces that accomplished Illinois Criminal Defense Attorney Stacey A. McCullough has joined the firm as a Partner.

(PRWeb February 27, 2017)

Read the full story at http://www.prweb.com/releases/dupage-county-lawyers/momkus-mccluskey-roberts/prweb14096104.htm


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News Roundup: Ariana Grande Releases ‘Problem’ Video, Queen Announces New Album, and More

This week, pop star Ariana Grande released the official music video for her hit song “Problem,” which features female MC Iggy Azalea. Check it out below. Also, Queen announced that they are going to release a new album. All that and more below. Queen Announces New Album: Queen guitarist Brian May revealed that the band […]

Source: http://feedproxy.google.com/~r/beatcrave/~3/3MCj70-8nk8/

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BlockApps Expands Ethereum's Presence in China; Announces New Funding and Key Partnerships

Gary Liu, the chief architect and hybrid cloud business director of Alibaba Cloud Computing, mentioned the “strong client demand for Ethereum-based …


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BlockApps Expands Ethereum’s Presence in China; Announces New Funding and Key Partnerships

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‘System Shock 3’ Announces A Development Team Staffed By All-Star Veterans

The development team for ‘System Shock 3’ includes a number of experienced veterans with stellar video game resumes.


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Professional Photographers of America Announces International…

PPA‘s Photo Competition Continues to Grow in Both Participants and Live Streaming Viewership

(PRWeb August 05, 2016)

Read the full story at http://www.prweb.com/releases/2016-08/IPCresults/prweb13590102.htm


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GSW Announces the Retirement of Doug Hitchcock

Georgia SoftWorks, developer of the GSW Telnet Server for Windows, announces the retirement of Doug Hitchcock.

(PRWeb June 02, 2016)

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Cloud Security Alliance Announces World Class Speaker Line Up for Second Annual Federal …

… agencies to exchange experiences, lessons learned and best practices for securely implementing cloud computing to support agency missions.


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