Samsung names new executives for business divisions

According to sources close to the IT media and the South Korean company Samsung filed a patent application earlier this month with the Korean Intellectual Property Office, under the name ‘flexible electronic device

According to sources close to the IT media and the South Korean company Samsung filed a patent application earlier this month with the Korean Intellectual Property Office, under the name ‘flexible electronic device

Investors are also waiting for Samsung to name a successor to Kwon Oh-hyun, one of Samsung's three chief executives who are not part of the founding family but climbed the ladder from rank-and-file to overseeing daily management of Asia's largest consumer electronics company.

Kim Ki-nam, 59, was appointed to lead the Device Solutions division which makes components including memory chips; Koh Dong-jin, 56, would head up IT and Mobile Communications; and Kim Hyun-suk, 56, would lead Consumer Electronics, Samsung said in a statement.

South Korean technology giant Samsung Electronics Co Ltd named a new generation of top managers on Tuesday and promised to reward shareholders with $26 billion in payouts to 2020, as it reported record third-quarter profit.

The surprise resignation came as Kwon was expected to take a bigger role following the arrest of de facto leader Jay Y. Lee in February and the departures of other key executives in the wake of a corruption and bribery scandal.

But its profits and share price have rocketed this year, as global chip prices have soared with suppliers such as Samsung yet to catch up booming demand for high-powered processors used in handsets, computers and cloud storage servers.

The new appointments are effective immediately.

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Third-quarter operating profit almost tripled from the same period a year earlier, matching Samsung's earlier estimate.

And its investment in infrastructure, mostly on chip plants, will reach a whopping 46.2 trillion won just for this year, compared to 25.5 trillion won in 2016, it said.

Samsung's holdings of cash and cash equivalent stood at 76 trillion won at the end of September, eight percent higher than the previous quarter. The stock has risen 71 percent over the past 12 months.

The company said it expects its financial performance to continue to grow in 2018 "primarily from the component businesses, as conditions in the memory market are likely to remain favorable and the company expects increased sales of flexible OLED panels".

In the mobile sector, Samsung has put last year's costly withdrawal of the fire-prone Note 7 gadget behind it and posted a jump in mobile profit to 3.3 trillion won from 100 billion won last year.

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