The CEO of Samsung’s mobile division looks set to be ousted, as the bloodletting following the company’s disastrous third-quarter results begins in earnest.
Jong–Kyun Shin will apparently be eased out and replaced by the current CEO of the company’s home appliances division, Boo–Keun Yoon.
Yoon is thought to be taking both jobs, as Samsung looks to bring smartphones and tablets closer to in-home products that use the so–called Internet of Things.
Shin’s position appears to have been under threat following the revelation that Samsung’s profits had slipped by a massive 60% overall in the three months from July to September. Profits in the mobile division slid by 74%.
The drop is related to a slump in sales of the Galaxy S5, which failed to match the impressive numbers done by its predecessor, the Galaxy S4.
The S5’s sales are said to be 40% below expectations, with the S4 racking up four million extra sales in its first three months compared to the S5.
The latter is also thought to have struggled in China, a key market for Samsung.
Samsung has already touted a new, slimmed down product portfolio, with talk that it will make 30% fewer sub brands of its smartphones in 2015. A new naming strategy has also been mooted.