Samsung Electronics names Jay Y Lee executive chairman amid global economic downturn

News Summary

  • Earnings in its memory chip and the System large-scale integration (LSI) businesses dropped to 5.12 trillion KRW, from 10.07 trillion KRW a year earlier, due to weak demand for consumer products, mobile phones and TVs, according to the company.
  • “In the memory business, after a dampened first half, demand is expected to rebound centering on servers as data center installations resume,” the company said in its statement.
  • The tech behemoth said earlier this month it plans to more than triple producing advanced chips for high-performance computers, artificial intelligence, 5G and 6G telco and automotive.
  • South Korea’s largest memory chip maker said today its operating profit for the third quarter tumbled 31.39% from the year-ago period to 10.85 trillion KRW ($7.7 billion).
  • Leading global semiconductor makers, including Samsung Electronics, TSMC, and SK Hynix have been granted one-year permission to use U.S. technology for selling advanced semiconductor chips for supercomputers and artificial intelligence to Chinese firms.
  • Samsung Electronics has appointed Jay Y. Lee as the executive chairman to lead the world’s largest smartphone and memory chipmaker, two months after the heir received a presidential pardon that erased the 54-year-old’s criminal record.
Samsung Electronics has appointed Jay Y. Lee as the executive chairman to lead the worlds largest smartphone and memory chipmaker, two months after the heir received a presidential pardon that erase [+3144 chars]