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Korean Media: Samsung Electronics Will Abolish 10% Of Executives, The Mobile Phone Sector Is The Hardest Hit

- Nov 24, 2018 -

According to the "Korea Economic Times" report, Samsung Electronics may reduce the number of executives by 5% to 10% when the annual executive adjustment is announced next week.

It is reported that the total number of executives in some departments will be reduced by more than 10%, including the mobile business sector. Earlier reports said that Samsung Electronics will organize its organizational structure and personnel adjustments by the end of 2018. Gao Dongzhen, who is responsible for Samsung's smartphone business, has also acknowledged that Samsung's mobile phone is currently in crisis.

In addition, Samsung Electronics said on Friday that it would write off 4.9 trillion won (about 4.4 billion US dollars) of stock. The company said in a document submitted to the stock exchange that the shares cancelled this time include 450 million shares of common stock and 81 million preferred shares. Samsung Electronics said that the reason for the cancellation of treasury shares is to increase the shareholder equity value.

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