Samsung Electronics Names 3 Long-Time Execs As New Leaders


Revenue jumped 29.8 percent to 62 trillion won, also in line with its earlier estimate.

The chip business was Samsung's top earner as it booked a record 10 trillion won operating profit, from 3.4 trillion won from the previous corresponding period.

Hearings are underway at the appeals court as Lee Jae-yong, Samsung Electronics vice chairman and a grandson of Samsung's founder, contests the conviction for offering bribe to then-President Park Geun-hye and her close friend to ensure a smooth transition of corporate leadership at Samsung.

Kim Hyun-suk was named to head the consumer electronics division while Koh Dong-jin was tapped as the new head of the IT and mobile division, the company was quoted as saying. In a surprise announcement earlier this month, he offered to step down when his term ends early next year.

The surprise resignation came as Kwon was expected to take a bigger role following the arrest of de facto leader Jay Y. Lee in February and the departures of other key executives in the wake of a corruption and bribery scandal.

For now, Samsung is reaping the fruits of its massive investment in the past decade during the days of Lee's father when the cyclical memory chip industry was vulnerable to the global demand for consumer electronics products.

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Samsung's semiconductor unit, which has been riding high on surging global demand for memory chips for servers and smartphones, saw its operating profit soar almost 200% to 9.96 trillion won. The truth behind the profit is the increase in seasonal demand and price of its products.

And its investment in infrastructure, mostly on chip plants, will reach a whopping 46.2 trillion won just for this year, compared to 25.5 trillion won in 2016, it said. That is almost twice as large as Samsung's last year's capital spending of 25.5 trillion won.

The company unveiled record third-quarter profit and promised to reward shareholders with $26 billion in payouts to 2020.

The world's biggest maker of semiconductors, televisions and smartphones said that Samsung will continue investing for future results.

According to the company, the profit outlook is positive with chips market which will help remain favourable in 2018.