Technology giant Samsung Electronics on Tuesday named a new leadership as it reported a record third-quarter profit of $12.91 billion (around Rs 84,000 crore), Reuters reported.
The South Korean company also promised to reward shareholders with $26 billion ( Rs 1.68 lakh crore) in payouts over the next three years. Samsung capitalised on the rise in semiconductor prices and increased demand from rivals for smartphones using organic light-emitting diodes, Bloomberg reported. The company said it was setting aside 50% of its free cash flow for the shareholder returns.
Chief Financial Officer Lee Sang-hoon is likely to be the next chairman of the company’s board, according to Reuters, and veteran Co-Chief Executive Officers JK Shin and Yoon Boo-keun are going to resign.
The company also named three leaders, each with a specific area of focus, reported The Verge. Kim Ki-nam will head the components business, Kim Hyun-suk, consumer electronics, and Koh Dong-jin, the mobile and IT division.
These changes are designed to ease investors’ concerns about a leadership vacuum following the arrest of group scion Lee Jae-yong on bribery charges and the resignation of Samsung Electronics CEO Kwon Oh-hyun earlier in October.