Search Site

Trends banner

SAIB reports $139 million Q1 net profit

its assets increased by 20.08 percent to $43.65bn.

Nissan forecasts $5.3bn annual net loss

Last year, it announced 9,000 job cuts worldwide.

Saudia to acquire 20 wide-body aircraft

10 of these being acquired for its flydaeal low-cost airline

ADIB’s Q1 net profit $517 million

Q1 2025 net profit before tax increased 18% YoY.

Emirates Islamic Q1 profit $394m

The bank's profit crossed AED 1bn mark for the first time.

Samsung reshuffles leadership amid challenge in AI chips

People walk past the Samsung logo displayed on a glass door at the company's Seocho building in Seoul on October 8, 2024. AFP
  • On Wednesday it tapped vice-chairman Jun Young-hyun to lead its memory business and appointed Han Jin-man as the new boss of the chip foundry division
  • The reshuffle aims to "strengthen the company's growth and future competitiveness, focusing on the semiconductor business", Samsung said in a statement

Seoul, South Korea – Samsung Electronics reshuffled its leadership on Wednesday as it looks to gain an edge in the production of microchips used for artificial intelligence servers.

The world’s largest memory chip maker issued a rare apology in October, acknowledging it was facing a “crisis” and that questions had arisen about its “fundamental technological competitiveness and the future of the company”.

On Wednesday it tapped vice-chairman Jun Young-hyun to lead its memory business and appointed Han Jin-man, who headed the firm’s US chips business, as the new boss of the chip foundry division.

The reshuffle aims to “strengthen the company’s growth and future competitiveness, focusing on the semiconductor business”, Samsung said in a statement.

While the firm posted a 277 percent rise in operating profits to $6.6 billion year-on-year in the third quarter, it missed market expectations. Its shares have fallen more than 27 percent this year.

Samsung has lagged South Korean rival SK hynix in producing high-bandwidth memory (HBM) chips used in AI chipsets and has struggled to secure certification from US titan Nvidia for its latest products.

The delayed approval process has allowed Samsung’s competitors to challenge its position in the fast-evolving market.

The leadership change comes as chairman Lee Jae-yong faces legal challenges.

Prosecutors this week demanded a court sentence him to five years in prison over a controversial 2015 merger of two affiliates that consolidated his control over the Samsung group.

They say that Lee committed multiple crimes, including stock price manipulation, breach of trust and accounting fraud during the tie-up of construction and engineering firm Samsung C&T and Cheil Industries.

Lee was acquitted in a lower court, which prosecutors appealed. A verdict on that is expected in February.

Lee, who has already served jail time over a high-level fraud and embezzlement case, is the current executive chairman of Samsung Electronics, the crown jewel of the sprawling Samsung group.