Oh-HyunKwon
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Samsung vice chairman quits amid leadership 'crisis'
Based on the earnings guidance Samsung has released for the third quarter of 2017, the Korean conglomerate is set to make a new record. It puts its operating profit for July to September at around $12.8 billion, almost thrice last year's $4.6 billion. Despite the possibility of having the best annual earnings ever, not everything's A-OK for the chaebol. Samsung Vice Chairman Oh-Hyun Kwon has decided to step down and leave his positions as vice chairman, board chairman and member, as well as CEO of Samsung display. He said the company is "confronted with unprecedented crisis inside out" and needs "a new spirit and young leadership to better respond to challenges..."
Apple and Samsung CEOs to meet by February 19th, give peace another chance
Previous attempts by Apple and Samsung to negotiate a truce in the patent wars haven't exactly panned out, but they haven't given up hope yet. The companies' CEOs have just agreed to attend mediated settlement discussions no later than February 19th, potentially averting a trial in March (and likely future legal action). We'd like to believe that Apple and Samsung will finally reach an understanding, but we're not optimistic given how long the two have been at each other's throats.
Samsung elects two new co-CEOs to go along with the one it already had
Samsung Electronics just announced it's switching to a multiple-CEO system, pushing up Presidents Boo-keun Yoon and JK Shin (who we just saw on stage at the Galaxy S 4 press conference) in recognition of their strong performance. Vice Chairman, Chairman of the Board of Directors and current CEO Oh-Hyun Kwon isn't leaving the position he attained last summer however, and will continue to oversee the company's component business. Meanwhile, Yoon will continue his job overseeing the consumer electronics division that makes TVs and appliances, while Shin runs the IT and mobile phone business. Letting each run their own ship seems like an odd move, however we suppose when you're raking in $8 billion+ in profits in a quarter, you can afford to try a few different things, and they're still looking up to Samsung Group chairman Lee Kun-hee. Still, there was a time when each unit operating so independently was seen as a problem.
