“Insiders say staff at Samsung Electronics have never been so anxious ahead of the annual reshuffle, as a weak smartphone performance and its worst earnings in three years are expected to cost many jobs,” Se Young Lee and Sohee Kim report for Reuters.
“As is customary for Korean businesses, Samsung is expected to announce its annual personnel changes in early December, a ritual that even in good times means weeks of distracting uncertainty for staff facing promotion, transfer or the sack,” Lee and Kim report. “The last of those options looks more likely after third-quarter operating profit fell by nearly two thirds.”
“Squeezed by Chinese rivals like Xiaomi Technology at the low end and Apple’s iPhones at the top, Samsung’s share of the smartphone market has also shrunk year-on-year for the last three quarters, leading to speculation that mobile business head J.K. Shin could be on the way out,” Lee and Kim report. “The Maeil Business Newspaper, a local business daily, recently reported the company could cut 20 percent of executive positions across the board, including 30 percent from its mobile division.”
Read more in the full article here.
MacDailyNews Take: No sympathy for thieves. Do as you will, Karma.
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