Angry shareholders demand management heads roll at beleaguered Samsung
“In 2014 we posted a report regarding Samsung’s Galaxy S5 sales plummeting 50% in China and that heads were beginning to roll for their poor performance and yet J.K. Shin was able to stave off dismissal,” Jack Purcher reports for Patently Apple.
“A year later Samsung’s continued stagnating smartphone sales lead to a more sweeping management shake-up and still J.K. Shin, ‘Mr. Galaxy’ was able to hang in one more time,” Purcher reports. “Today we’re hearing about Samsung’s annual general meeting held on Friday and it was a very unhappy event indeed, especially for J.K. Shin.”
“The Financial Times is reporting that “Samsung Electronics faced shareholders disgruntled over the company’s deteriorating performance and governance problems,” Purcher reports. “The meeting, packed with 400 individual and institutional investors, lasted for more than three hours… shareholders were fed up with ‘Mr. Galaxy’ J.K. Shin’s excuses for poor sales and the restless investors made their presence felt by opposing his reappointment to the board and demanded measures to revitalise the slowing smartphone business and boost low margins for home appliances.”
