Although Samsung Electronics saw the largest earnings from its memory chips this quarter, the company is making several key changes to its leadership team, CNBC reports.
The technology manufacturer reported a third quarter operating profit of $12.91 billion (₩14.5 trillion) driven by $896 million (₩10 trillion) in operating profit from its chip business. The memory chip "supercycle" of tight supply and strong demand will only continue as more electronic devices require stronger processing power, according to a separate CNBC report.
However, despite the record-breaking financial results, leadership changes are taking place at the company. Kinam Kim will replace Samsung's Vice Chairman and CEO Oh-Hyun Kwon, who announced earlier this month that he would step down from management.
Hyunsuk Kim will replace Boo-Keun Yoon as president and head of the consumer electronics division and Dongjin Koh will take over from Jong-Kyun Shin as president as head of the IT and mobile communications sector.
Samsung's CFO Sang-Hoon Lee will also leave his post, effective immediately.
"Samsung has very many seasoned veterans who will get promoted as a result of the executive shuffling," Patrick Moorhead, president and principal analyst at Moor Insights and Strategy, told CNBC prior to the leadership shakeup. "I do think Samsung needs to make sure that at least one of the replacements has a long-term vision for the company."
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