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Samsung executives set to leave amid sagging profits

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Samsung may have retained most of its top management during the recent reshuffle, but as per Reuters, as many as three deputies to the head of Samsung’s mobile division are all set to leave the company.

All these deputies report directly to J.K. Shin, who just recently retained his post despite Samsung’s ever-declining sales and profits. One of these executives to leave is Samsung’s Mobile division’s Global Marketing Head, D.J. Lee.

Though Samsung did not announce departure of any of its executives in the annual reshuffle, it still made just 165 executive level promotions, which is the lowest number in past four years.

As Samsung’s profits continue to subside in the mobile segment, the company has been busy selling off its non-core businesses to other market specialists. It recently announced plans of selling its fiber-optics business to Corning, while it had earlier sold off equities in its defence and chemical industries.

Rise of low-end smartphone makers like Xiaomi has hurt Samsung’s sales badly. In fact, recent reports suggest that Samsung is the worst hit company due to Xiaomi’s rise, as Xiaomi rose to become China’s largest smartphone vendor. While Samsung was hurt by Xiaomi in the lower-rung, Apple’s ever increasing sales of the iPhone has hurt Samsung’s profits in the higher-end of the market.

 


 

Editor-at-large and co-founder at The Tech Portal. He is a tech enthusiast with interests in new-age technology fields like Ai, Machine Learning, AR/VR, Outer Space and related stuff. Drop him a mail anytime, very reachable.


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