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Samsung Electronics CEO Resigns Over 'Unprecedented Crisis' (bbc.com)
According to BBC, Samsung Electronics chief executive Kwon Oh-hyun has resigned, saying the company is in an "unprecedented crisis." It's the latest management upheaval at the firm after the heir of the entire Samsung Group was imprisoned for corruption in August. From the report: Mr Kwon is one of three co-chief executives of Samsung Electronics. His resignation comes on the same day the firm forecast record quarterly profits, citing higher memory chip prices. Mr Kwon said he had been thinking about his departure "for quite some time" and could "no longer put it off." "As we are confronted with unprecedented crisis inside out, I believe that time has now come for the company [to] start anew, with a new spirit and young leadership to better respond to challenges arising from the rapidly changing IT industry," he said in a statement. He will remain on the board of Samsung Electronics until March 2018.
They recall their phones TWICE, Their leader is imprisoned, and they post record profits? How is this freakin possible?
A fellow had just been hired as the new CEO of a large high tech corporation. The CEO who was stepping down met with him privately and presented him with three numbered envelopes. "Open these if you run up against a problem you don't think you can solve," he said. Well, things went along pretty smoothly, but six months later, sales took a downturn and he was really catching a lot of heat. About at his wit's end, he remembered the envelopes. He went to his drawer and took out the first envelope. The message read, "Blame your predecessor."
The new CEO called a press conference and tactfully laid the blame at the feet of the previous CEO. Satisfied with his comments, the press -- and Wall Street - responded positively, sales began to pick up and the problem was soon behind him.
About a year later, the company was again experiencing a slight dip in sales, combined with serious product problems. Having learned from his previous experience, the CEO quickly opened the second envelope. The message read, "Reorganize." This he did, and the company quickly rebounded.
After several consecutive profitable quarters, the company once again fell on difficult times. The CEO went to his office, closed the door and opened the third envelope.
The message said, "Prepare three envelopes."
Happiness in intelligent people is the rarest thing I know.
Ernest Hemingway