Samsung Electronic Co Ltd reported its third quarter earnings as the company hit an all time high in operating profits. Shortly after, the Korean tech giant announced the new leadership positions. Samsung shares jumped 1.9 percent on Tuesday.
For the third quarter, Samsung reported revenue of KRW 62.05 trillion or approximately $55.54 billion, increasing KRW 14.23 trillion or $12.73 billion year over year. Samsung reported operating profits of KRW 14.53 trillion or $13 billion, increasing KRW 9.33 trillion or $8.35 billion year over year.
Strong demands for memory chips for servers and mobile devices primarily drove Samsung’s third quarter performance.
The tech company’s Semiconductor businesses drove majority of the revenue as the company reported posted KRW 9.96 trillion or $8.91 billion in operating profits on consolidated revenue of KRW 19.91 trillion or $17.82 billion for the quarter.
Back in August, former Samsung CEO, Lee-Jae Yong was found guilty and convicted to five years on charges of bribery, hiding assets abroad, embezzlement, and perjury.
Lee along with four former Samsung executives were found guilty of paying bribes totaling up to $7.8 million between the former President Park Gye-Hyun, who was impeached for the scandal.
After Lee was sentenced to his five year term, former CEO and Vice Chairman, Kwon Oh-Hyun, succeeded Lee, but shortly after stepped down from the position saying that the company will need a new face in the leadership position.
Now, Samsung has elected three new co-CEOs to succeed the former executives. Kinam Kim was appointed to the Device Solutions division, which primarily manufactures components such as memory chips. Hyunsuk Kim was was appointed to the Consumer Electronics division. Dongjin Koh was appointed to the IT and Mobile Communications division.
The changes were effectively immediately.
Kwon stated, “The next generation of leaders are well suited to accelerate the pace of innovation and address the demands of the connected world. They have proven track records with extensive experience and outstanding expertise in their fields.”