Samsung Electronics has confirmed that Vice Chairman Oh-Hyun Kwon plans to resign as the company's head of the Device Solutions Business and will not seek re-election as a member of the Board of Directors and the Chairman of the Board when his term ends in March, 2018. "It has not been an easy decision, but I feel I can no longer put it off", Kwon said "As we are confronted with unprecedented crisis inside out, I believe that time has now come for the company start anew, with a new spirit and young leadership to better respond to challenges arising from the rapidly changing IT industry".
"(The earnings) are based on investment made in the past. 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. Lee Jae-yong's conviction was part of a bribery scandal that reached all the way to the president of South Korea, Park Geun-hye, who was impeached past year is also serving time in prison.
Samsung has announced the imminent departure of its CEO even as the company said it expected to post record profits of almost $13 billion in the third quarter.
Kwon announced his decision in a letter to Samsung employees.
But with reports saying that both Apple and Google are investing hundreds of millions of dollars into LG's display division, Samsung's dominance in OLED display tech may not continue on for too much longer.
Octopus skin inspires programmable camouflaging material
The work, which appears in the journal Science , was funded by a grant from the US Army Research Office. The octopus is a master of disguise because it can stretch, bend and make its skin take on new shapes.
Lee Jae-yong is the son of Lee Kun-hee, the chairman of Samsung Group, and is seen as the company's heir apparent. Sales increased 20% year over year during the quarter.
The company is set to release its final earnings report later in October. "The results are good ones that largely meet market expectations", Kwon Sung-Ryul of Dongbu Securities told AFP.
Operating profit was estimated at 14.5 trillion won ($12.8 billion), compared with 5.2 trillion won tallied a year earlier, the company said in a regulatory filing.
The consumer electronics division will also benefit from strong seasonal demand, he added. Shares in Samsung Electronics closed 1.46 percent down Friday on heavy profit-taking.
- Manulife Financial Corp. (MFC) Receives Average Rating of "Buy" from Analysts
- With Luck on mend, Colts get back into AFC South chase
- Aamir Khan Sidelines Katrina Kaif For Fatima Sana Shaikh, Actress Upset?
- Jaiprakash Associates moves SC seeking permission to sell Yamuna Expressway toll
- Lætitia, jeune mère de 26 ans, tuée à coups de couteau
- California wildfires burn home of 'Peanuts' creator Charles Schulz to the ground
- Sound recordings from Havana possibly linked to US Embassy attacks
- Nagarjuna's Raju Gari Gadhi 2 USA Premiers Box Office Collections
- 'Coronation Street' Spoilers: Chesney Brown's Ex Katy Armstrong To Die Off Screen
- Buffalo spice latte? Tim Hortons unveils new drink in US