Samsung Electronics conducts reshuffle after strong Q3 results

Samsung Electronics Co., the world's leading smartphone and chipmaker, on Friday conducted a large-scale personnel reshuffle to reward employees after reporting robust third-quarter results.

Samsung Electronics has promoted a total of 214 officials to higher positions to reflect their contributions to the company's stellar performance in the July-September period, the company said in a statement.

In the first and biggest personnel changes in three years, 111 general managers were promoted as vice president positions, 55 vice presidents as senior vice presidents and 31 senior vice presidents to executive vice presidents, it said.

"The executives helped the company report sharply improved earnings results in the third quarter compared with a year earlier by properly responding to market demands despite growing uncertainties amid the coronavirus pandemic," a company spokesman said over the phone.

The size of personnel changes is bigger than 162 promotions in January and 221 at the end of 2017. 

In the latest reshuffle, Samsung Electronics more than doubled the number of executive vice presidents to 31 from 14 last year, which means an expanded pool of qualified CEO candidates for the chip giant, as well as an upcoming generational change in management.

Samsung Electronics Vice Chairman Lee Jae-yong currently leads the company after his father and longtime Samsung Group Chairman Lee Kun-hee died at age 78 in October.

Lee, the eldest child and only son of the late chairman, has been the de facto leader of the country's biggest conglomerate by assets since 2014 after his father collapsed from a heart attack. 

In the third quarter, Samsung Electronics reported a 49 percent on-year jump in net profit to 9.36 trillion won from 6.29 trillion won a year earlier helped by strong mobile and home appliances sales.  

Operating profit also surged 59 percent to 12.35 trillion won from 7.78 trillion won during the same period, while sales rose 8 percent to 66.96 trillion won from 62 trillion won. 

In the promotions, the number of newly appointed foreign executives fell to two this time from four a year earlier, while that of newly named female executives rose to eight from five during the same period, the spokesman said. (Yonhap)