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Samsung Electronics on track for record Q3; CEO Kwon Oh-hyun to step down

CEO and Vice-Chairman Kwon Oh-hyun's surprise resignation comes even as he was expected to take a bigger role

Reuters  |  Seoul 

Tech giant Samsung Electronics Co Ltd estimated on Friday its third-quarter operating profit nearly tripled from a year earlier, beating expectations as strong memory chip prices likely padded margins. However, even as the Korean giant forecast the record profits, it said its CEO and Vice-Chairman Kwon Oh-hyun had decided to step down from management. Samsung said its July-September profit was likely 14.5 trillion won ($12.81 billion), compared with an average forecast of 14.3 trillion won from a Thomson Reuters survey of 20 analysts. Revenue likely rose 29.7 per cent from ...

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First Published: Fri, October 13 2017. 12:25 IST