Falling Profits make Samsung Reshuffle Executives: Some Have to Leave in the Process

Falling Profits make Samsung Reshuffle Executives: Some Have to Leave in the ProcessOn Thursday, a source said that there is a shuffle in the top ranks of Samsung Electronics Co Ltd and three of the deputies to the head of the mobile division are leaving the company. The decision comes at a time when the largest maker of largest smartphone in the world is facing a steep decline in its profit figures.

The source said that these executives reported directly to J. K. Shin, the division chief. Shin was retained this week when a reshuffling of the top executives took place owing to his past records. He was given another chance in spite of the dropping sales of smartphones and likely expectations that Samsung will experience the worst ever annual profit in 2014 over last three years.

The departures of the deputies also included D. J. Lee, the company's global marketing chief. However Samsung Electronics remained tight lipped about the issue and did not mention whether any executives were leaving.

The reshuffling announcement made this week showed that Samsung made 165 promotions in the executive-level. This is the least number seen in the last four years. The numbers surely underline the stress that the South Korean company is facing.