Science

Despite record profit, Samsung CEO plans to quit

Despite record profit, Samsung CEO plans to quit”

"With a new spirit and young leadership to better respond to challenges arising from the rapidly changing IT industry", he added.

In the year since the Galaxy Note 7 debacle, Samsung has had to work hard to get its business back on track.

Lee - who took the reins of the company after his father's heart attack in 2014 - was found guilty of bribing a friend of former South Korea President Park Geun-hye to secure a merger that would tighten his grip on Samsung. Kwon also said he won't seek reelection as a member of the company's board of directors once his term ends in March.

The CEO added that Samsung Electronics is facing a grave situation despite it making record-breaking earnings. He also has served as the CEO of Samsung Display since 2016.

Lee Jae-yong is the son of Lee Kun-hee, the chairman of Samsung Group, and is seen as the company's heir apparent.

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Friday's personnel announcement came shortly after the company said it was expecting to log 14.5 trillion won ($12.8 billion) in operating profits for the July-September quarter, an all-time record and almost three times the 5.2 trillion won of the same period a year earlier.

Samsung posted a record $9.6 billion in net income in the second quarter of 2017, easily beating analysts' estimates, due primarily to strong demand for its Galaxy S8 smartphone and demand for semiconductors. Sales are expected to have surged 29.65 percent on-year to 62 trillion won, with the booming semiconductor business boosting the company's bottom line.

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 company is set to release its final earnings report on October 31.

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 first joined Samsung Electronics in 1985.



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